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Crush Margins for Imported Soybeans in China--6/16/2020

2020-06-16 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 869 379 3094 2830 5640 213 21 2693 5680 113
Aug 876 389 3173 2830 5640 134 -4 2693 5680 34
Sep 876 390 3191 2900 5714 186 5 2693 5680 16
Oct 876 394 3220 2900 5714 157 12 2693 5680 -13
Nov 876 394 3234 2900 5714 143 -17 2693 5680 -27
Dec 879.75 394 3233 2900 5714 144 7 2693 5680 -26
Soybean,
US PNW		 Oct 876 387 3168 2900 5714 209 21 2693 5680 39
Nov 876 386 3173 2900 5714 204 16 2693 5680 34
Dec 879.75 386 3175 2900 5714 202 12 2693 5680 32
Soybean,
 Brazil		 Jul 869 395 3215 2830 5640 149 6 2693 5680 48
Aug 870 396 3233 2830 5640 131 19 2693 5680 30
Sep 876 399 3263 2900 5714 171 16 2693 5680 0
Oct 876 399 3262 2900 5714 172 5 2693 5680 1
Nov 876 401 3294 2900 5714 140 -4 2693 5680 -31
Dec 879.75 402 3296 2900 5714 138 -7 2693 5680 -33
Feb,2021 875.75 375 3081 2714 5754 214 3 2693 5680 182
Mar,2021 875.75 370 3040 2714 5754 255 14 2693 5680 223
Apr,2021 875.5 368 3024 2714 5754 271 14 2693 5680 239
May,2021 875.5 369 3039 2714 5754 256 14 2693 5680 224
Soybean, Argentina Jul 870 380 3102 2830 5640 149   2693 5680 48
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%.

 

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