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Crush Margins for Imported Soybeans in China--6/10/2020

2020-06-10 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 863.25 376 3067 2806 5740 240 11 2693 5840 170
Aug 863.25 378 3092 2806 5740 215 11 2693 5840 145
Sep 863.25 382 3119 2879 5808 259 5 2693 5840 118
Oct 876.5 389 3191 2879 5808 187 5 2693 5840 46
Soybean,
PNW
Oct 876.5 382 3138 2879 5808 240 5 2693 5840 99
Soybean,
Brazil
Jul 863.25 385 3143 2806 5740 222 12 2693 5840 152
Aug 866 389 3178 2806 5740 187 13 2693 5840 117
Sep 876.5 394 3217 2879 5808 219 6 2693 5840 78
Feb,2021 878.5 372 3056 2694 5858 244 8 2693 5840 239
Mar,2021 878.5 367 3018 2694 5858 282 7 2693 5840 277
Apr,2021 880 367 3013 2694 5858 287 12 2693 5840 282
May,2021 880 369 3028 2694 5858 272 11 2693 5840 267
Soybean,
Argentina
Jun 863.25 371 3023 2806 5740 227 11 2693 5840 156
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%.