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Crush Margins for Imported Soybeans in China--6/19/2020

2020-06-19 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 873 388 3167 2805 5776 146 2 2679 5750 42
Aug 876 392 3209 2805 5776 104 10 2679 5750 0
Sep 876 392 3210 2873 5824 166 3 2679 5750 -1
Oct 876 395 3234 2873 5824 142 9 2679 5750 -25
Nov 876 395 3244 2873 5824 132 14 2679 5750 -35
Dec 879.25 395 3247 2873 5824 129 8 2679 5750 -38
Soybean,
US PNW		 Oct 876 390 3192 2873 5824 184 -8 2679 5750 17
Nov 876 390 3202 2873 5824 174 -4 2679 5750 7
Dec 879.25 389 3197 2873 5824 179 -4 2679 5750 12
Soybean,
 Brazil		 Jul 873 400 3262 2805 5776 109 4 2679 5750 4
Aug 872.5 400 3266 2805 5776 105 8 2679 5750 0
Sep 876 401 3285 2873 5824 149 10 2679 5750 -19
Oct 876 401 3284 2873 5824 150 4 2679 5750 -18
Nov 876 403 3312 2873 5824 122 9 2679 5750 -46
Dec 879.25 404 3313 2873 5824 121 9 2679 5750 -47
Feb,2021 875 375 3082 2693 5850 215 18 2679 5750 184
Mar,2021 875 370 3041 2693 5850 256 18 2679 5750 225
Apr,2021 874.5 368 3025 2693 5850 272 20 2679 5750 241
May,2021 874.5 369 3040 2693 5850 257 20 2679 5750 226
Soybean, Argentina Jul 872.5 385 3144 2805 5776 112 5 2679 5750 7
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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