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Crush Margins for Imported Soybeans in China--6/18/2020

2020-06-18 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 871.25 387 3161 2817 5680 144 -19 2681 5730 46
Aug 876.5 393 3211 2817 5680 94 -26 2681 5730 -4
Sep 876.5 391 3207 2884 5744 163 -8 2681 5730 0
Oct 876.5 395 3237 2884 5744 133 -8 2681 5730 -30
Nov 876.5 395 3252 2884 5744 118 -10 2681 5730 -45
Dec 879.75 395 3249 2884 5744 121 -8 2681 5730 -42
Soybean,
US PNW
Oct 876.5 388 3178 2884 5744 192 -3 2681 5730 29
Nov 876.5 388 3192 2884 5744 178 -12 2681 5730 15
Dec 879.75 387 3187 2884 5744 183 -5 2681 5730 20
Soybean,
 Brazil
Jul 871.25 399 3256 2817 5680 105 -27 2681 5730 8
Aug 871.75 399 3264 2817 5680 97 -18 2681 5730 0
Sep 876.5 402 3288 2884 5744 139 -17 2681 5730 -24
Oct 876.5 401 3281 2884 5744 146 -11 2681 5730 -17
Nov 876.5 403 3314 2884 5744 113 -12 2681 5730 -50
Dec 879.75 403 3315 2884 5744 112 -12 2681 5730 -51
Feb,2021 876.25 375 3092 2701 5776 197 -8 2681 5730 172
Mar,2021 876.25 370 3051 2701 5776 238 -8 2681 5730 213
Apr,2021 876.5 368 3037 2701 5776 252 -9 2681 5730 227
May,2021 876.5 370 3052 2701 5776 237 -9 2681 5730 212
Soybean, Argentina Jul 871.75 385 3141 2817 5680 107 -11 2681 5730 8
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%.