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Crush Margins for Imported Soybeans in China--6/1/2020

2020-06-01 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 840.75 368 3029 2780 5640 239 7 2706 5710 194
Aug 840.75 372 3065 2780 5640 203 -1 2706 5710 158
Sep 840.75 376 3102 2840 5700 225 -4 2706 5710 121
Oct 851.75 382 3158 2840 5700 169 -2 2706 5710 65
Soybean,
PNW
Oct 851.75 370 3065 2840 5700 262 39 2706 5710 158
Soybean,
Brazil
Jul 840.75 375 3088 2780 5640 236 2 2706 5710 192
Aug 843.5 377 3110 2780 5640 214 18 2706 5710 170
Sep 851.75 383 3155 2840 5700 229 11 2706 5710 125
Feb,2021 853.25 364 3019 2675 5720 238 -23 2706 5710 261
Mar,2021 853.25 356 2954 2675 5720 303 6 2706 5710 326
Apr,2021 854 356 2951 2675 5720 306 -4 2706 5710 329
May,2021 854 358 2970 2675 5720 287 -16 2706 5710 310
Soybean,
Argentina
Jun 840.75 357 2934 2780 5640 277 57 2706 5710 232
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%.