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Crush Margins for Imported Soybeans in China--7/2/2020

2020-07-02 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 893.75 398 3240 2908 5722 145 9 2768 5750 39
Aug 899 400 3262 2908 5722 123 -1 2768 5750 17
Sep 899 404 3295 2959 5796 144 -19 2768 5750 -16
Oct 899 404 3302 2959 5796 137 -10 2768 5750 -23
Nov 899 405 3319 2959 5796 120 -10 2768 5750 -40
Dec 903.5 406 3326 2959 5796 113 -22 2768 5750 -47
Soybean,
US PNW
Oct 899 399 3260 2959 5796 179 -8 2768 5750 19
Nov 899 399 3274 2959 5796 165 -9 2768 5750 5
Dec 903.5 399 3273 2959 5796 166 -15 2768 5750 6
Soybean,
 Brazil
Jul 893.75 401 3263 2908 5722 179 17 2768 5750 74
Aug 891.5 401 3271 2908 5722 171 7 2768 5750 66
Sep 899 406 3316 2959 5796 181 -3 2768 5750 21
Oct 899 409 3337 2959 5796 160 -3 2768 5750 0
Nov 899 411 3369 2959 5796 128 -3 2768 5750 -32
Dec 903.5 412 3373 2959 5796 124 -9 2768 5750 -36
Jan,2021 903.5 390 3198 2759 5812 144   2768 5750 139
Feb,2021 896 381 3129 2759 5812 213 -9 2768 5750 208
Mar,2021 896 376 3087 2759 5812 255 -8 2768 5750 250
Apr,2021 893.75 373 3066 2759 5812 276 -7 2768 5750 271
May,2021 893.75 375 3081 2759 5812 261 -7 2768 5750 256
Soybean, Argentina Aug 891.5 392 3200 2908 5722 127 -3 2768 5750 22
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%.