Crush Margins for Imported Soybeans in China--6/30/2020

2020-06-30 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	Jul	866.5	390	3177	2812	5648	118	6	2680	5700	23
	Aug	861.5	390	3181	2812	5648	114	17	2680	5700	19
	Sep	861.5	387	3168	2871	5716	186	34	2680	5700	32
	Oct	861.5	391	3199	2871	5716	155	7	2680	5700	1
	Nov	861.5	391	3212	2871	5716	142	11	2680	5700	-12
	Dec	865	391	3211	2871	5716	143	8	2680	5700	-11
Soybean, US PNW	Oct	861.5	385	3153	2871	5716	201	-2	2680	5700	47
	Nov	861.5	385	3166	2871	5716	188	2	2680	5700	34
	Dec	865	385	3165	2871	5716	189	-4	2680	5700	35
Soybean, Brazil	Jul	866.5	391	3192	2812	5648	159	13	2680	5700	65
	Aug	861.5	391	3192	2812	5648	159	12	2680	5700	65
	Sep	861.5	392	3208	2871	5716	203	17	2680	5700	49
	Oct	861.5	395	3230	2871	5716	181	10	2680	5700	27
	Nov	861.5	397	3262	2871	5716	149	13	2680	5700	-5
	Dec	865	397	3263	2871	5716	148	11	2680	5700	-6
	Feb,2021	862.5	369	3034	2692	5738	240	1	2680	5700	223
	Mar,2021	862.5	362	2979	2692	5738	295	1	2680	5700	278
	Apr,2021	864.75	363	2989	2692	5738	285	-4	2680	5700	268
	May,2021	864.75	365	3000	2692	5738	274	-3	2680	5700	257
Soybean, Argentina	Aug	861.5	381	3112	2812	5648	126	10	2680	5700	31
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%.

Print Close