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Crush Margins for Imported Soybeans in China--5/25/2020

2020-05-25 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
Jul 833.25 361 2978 2788 5458 262 60 2671 5420 162
Aug 833.25 362 2991 2788 5458 249 63 2671 5420 149
Sep 833.25 364 3013 2860 5556 302 52 2671 5420 127
Oct 844.5 374 3101 2860 5556 214 41 2671 5420 39
Soybean,
PNW
Oct 844.5 371 3074 2860 5556 241 26 2671 5420 66
Soybean,
Brazil
Jul 833.25 365 3012 2788 5458 282 7 2671 5420 182
Aug 836.5 370 3055 2788 5458 239 19 2671 5420 139
Sep 844.5 376 3104 2860 5556 267 29 2671 5420 90
Feb,2021 844.75 356 2959 2679 5604 278 7 2671 5420 235
Mar,2021 844.75 353 2932 2679 5604 305 -4 2671 5420 262
Apr,2021 844.75 352 2928 2679 5604 309 4 2671 5420 266
May,2021 844.75 354 2938 2679 5604 299 7 2671 5420 256
Soybean,
Argentina
Jun 833.25 355 2928 2788 5458 257 21 2671 5420 158
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 9:53 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%.