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Crush Margins for Imported Soybeans in China--6/12/2020

2020-06-12 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 866 377 3084 2824 5626 216 -18 2689 5780 139
Aug 876.75 383 3138 2824 5626 162 -13 2689 5780 85
Sep 876.75 387 3164 2893 5710 206 -14 2689 5780 59
Oct 876.75 389 3194 2893 5710 176 -10 2689 5780 29
Nov 876.75 389 3194 2893 5710 176   2689 5780 29
Dec 880 393 3227 2893 5710 143   2689 5780 -4
Soybean,
US PNW
Oct 876.75 383 3148 2893 5710 222 -17 2689 5780 75
Nov 876.75 386 3174 2893 5710 196   2689 5780 49
Dec 880 387 3175 2893 5710 195   2689 5780 48
Soybean,
 Brazil
Jul 866 392 3198 2824 5626 158 -13 2689 5780 82
Aug 868 395 3235 2824 5626 121 -16 2689 5780 45
Sep 876.75 400 3268 2893 5710 159 -15 2689 5780 12
Oct 876.75 396 3252 2893 5710 175   2689 5780 28
Nov 876.75 399 3276 2893 5710 151   2689 5780 4
Dec 880 399 3277 2893 5710 150   2689 5780 3
Feb,2021 876 373 3070 2701 5762 216 -21 2689 5780 210
Mar,2021 876 370 3040 2701 5762 246 -21 2689 5780 240
Apr,2021 876 368 3025 2701 5762 261 -25 2689 5780 255
May,2021 876 370 3040 2701 5762 246 -25 2689 5780 240
Soybean, Argentina Jun 868 374 3055 2824 5626 189 -13 2689 5780 110
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%.