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Crush Margins for Imported Soybeans in China--5/12/2020

2020-05-12 www.cofeed.com
Product Delivery CBOT CNF China Duty-paid DCE SBM DCE SBO DCE
Gross Margin
Var. SBM Spot SBO Spot SCM
USD/tonne CNY/tonne
Soybean,
US Gulf
May 855 369 3020 2728 5340 150 -69 2786 5500 226
Jun 855 369 3025 2728 5340 145 -68 2786 5500 221
Jul 855 372 3060 2728 5340 110 -69 2786 5500 186
Oct 858.5 379 3121 2801 5452 128 -58 2786 5500 125
Soybean,
PNW
May 855 372 3046 2728 5340 124 -68 2786 5500 200
Soybean,
Brazil
May 855 359 2944 2728 5340 279 -69 2786 5500 357
Jun 855 363 2984 2728 5340 239 -69 2786 5500 317
Jul 855 368 3023 2728 5340 200 -70 2786 5500 278
Aug 855.75 373 3066 2728 5340 157 -67 2786 5500 235
Sep 858.5 378 3112 2801 5452 191 -59 2786 5500 189
Feb, 2021 844.75 353 2914 2801 5452 389 -60 2786 5500 387
Mar, 2021 844.75 348 2871 2801 5452 432 -60 2786 5500 430
Soybean,
Argentina
Jun 855 360 2955 2728 5340 161 -67 2786 5500 236
Remarks:
1. DCE: Dalian Commodity Exchange; SBM Spot: soybean meal spot price yesterday; SBO spot: soybean oil spot price yesterday; SCM: spot crushing margin.
2. CBOT is the closing price in previous session, and DCE is the intraday price at about 10:00 a.m.on the Dalian Commodity Exchange.
3. DCE crushing margin and spot crushing margin are both gross margins with labour fee. The net margins can be calculated by deducting 150 RMB/tonne, but there may be some difference in cost due to the factory scale.
4. Starting from March 2, 2020, China officially accepts the application for the exemption of additional tariffs on US soybeans, so the import duty is 3%.