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Crush Margins for Imported Soybeans in China--6/11/2020

2020-06-11 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 865.5 377 3070 2812 5696 234 -6 2689 5790 154
Aug 877 383 3129 2812 5696 175 -40 2689 5790 95
Sep 877 387 3155 2884 5772 220 -39 2689 5790 69
Oct 877 389 3189 2884 5772 186 -1 2689 5790 35
Soybean,
PNW
Oct 877 383 3136 2884 5772 239 -1 2689 5790 88
Soybean,
Brazil
Jul 865.5 392 3190 2812 5696 171 -51 2689 5790 92
Aug 867.75 395 3224 2812 5696 137 -50 2689 5790 58
Sep 877 400 3259 2884 5772 174 -45 2689 5790 23
Feb,2021 877.25 373 3062 2700 5832 237 -7 2689 5790 220
Mar,2021 877.25 370 3032 2700 5832 267 -15 2689 5790 250
Apr,2021 878 367 3013 2700 5832 286 -1 2689 5790 269
May,2021 878 369 3028 2700 5832 271 -1 2689 5790 254
Soybean,
Argentina
Jun 867.75 374 3045 2812 5696 202 -25 2689 5790 122
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%.