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Crush Margins for Imported Soybeans in China--6/24/2020

2020-06-24 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 875 388 3148 2814 5748 167 -13 2693 5840 89
Aug 874 392 3192 2814 5748 123 -1 2693 5840 45
Sep 874 391 3189 2876 5814 188 -3 2693 5840 48
Oct 874 394 3207 2876 5814 170 8 2693 5840 30
Nov 874 394 3221 2876 5814 156 9 2693 5840 16
Dec 878 394 3221 2876 5814 156 8 2693 5840 16
Soybean,
US PNW		 Oct 874 388 3164 2876 5814 213 8 2693 5840 73
Nov 874 388 3178 2876 5814 199 9 2693 5840 59
Dec 878 388 3175 2876 5814 202 8 2693 5840 62
Soybean,
 Brazil		 Jul 875 394 3201 2814 5748 172 -22 2693 5840 94
Aug 872 395 3216 2814 5748 157 -17 2693 5840 79
Sep 874 397 3233 2876 5814 202 9 2693 5840 62
Oct 874 400 3253 2876 5814 182 10 2693 5840 42
Nov 874 402 3286 2876 5814 149 9 2693 5840 9
Dec 878 402 3289 2876 5814 146 8 2693 5840 6
Feb,2021 874 373 3056 2696 5840 242 17 2693 5840 239
Mar,2021 874 369 3023 2696 5840 275 17 2693 5840 272
Apr,2021 875.75 368 3014 2696 5840 284 10 2693 5840 281
May,2021 875.75 369 3023 2696 5840 275 10 2693 5840

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Soybean, Argentina Aug 872 384 3124 2814 5748 134 -7 2693 5840 55
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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