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Crush Margins for Imported Soybeans in China--6/5/2020

2020-06-05 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 867.75 379 3105 2855 5674 229 0 2723 5730 135
Aug 867.75 382 3136 2855 5674 198 1 2723 5730 104
Sep 867.75 383 3150 2917 5740 245 10 2723 5730 90
Oct 876.75 389 3211 2917 5740 184 8 2723 5730 29
Soybean,
PNW
Oct 876.75 382 3157 2917 5740 238 7 2723 5730 83
Soybean,
Brazil
Jul 867.75 387 3172 2855 5674 218 0 2723 5730 125
Aug 868.75 391 3207 2855 5674 183 2 2723 5730 90
Sep 876.75 396 3251 2917 5740 201 10 2723 5730 46
Feb,2021 879 371 3067 2713 5772 231 6 2723 5730 230
Mar,2021 879 367 3034 2713 5772 264 -3 2723 5730 263
Apr,2021 882.75 367 3033 2713 5772 265 -10 2723 5730 264
May,2021 882.75 369 3047 2713 5772 251 -9 2723 5730 250
Soybean,
Argentina
Jun 867.75 369 3024 2855 5674 253 -2 2723 5730 159
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%.