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Crush Margins for Imported Soybeans in China--7/6/2020

2020-07-06 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 896.75 397 3232 2927 5816 185 40 2801 5860 94
Aug 896.75 398 3244 2927 5816 173 47 2801 5860 82
Sep 896.75 402 3280 2989 5864 195 39 2801 5860 46
Oct 896.75 404 3292 2989 5864 183 40 2801 5860 34
Nov 896.75 404 3306 2989 5864 169 46 2801 5860 20
Dec 901.25 406 3319 2989 5864 156 40 2801 5860 7
Soybean,
US PNW		 Oct 896.75 399 3257 2989 5864 218 28 2801 5860 69
Nov 896.75 399 3267 2989 5864 208 32 2801 5860 59
Dec 901.25 400 3272 2989 5864 203 34 2801 5860 54
Soybean,
 Brazil		 Jul 896.75 399 3245 2927 5816 231 51 2801 5860 140
Aug 896.75 400 3260 2927 5816 216 47 2801 5860 125
Sep 896.75 406 3307 2989 5864 227 44 2801 5860 78
Oct 896.75 408 3328 2989 5864 206 43 2801 5860 57
Nov 896.75 410 3356 2989 5864 178 47 2801 5860 29
Dec 901.25 411 3360 2989 5864 174 48 2801 5860 25
Jan,2021 901.25 389 3185 2781 5878 188 43 2801 5860 200
Feb,2021 894.75 381 3119 2781 5878 254 43 2801 5860 266
Mar,2021 894.75 375 3078 2781 5878 295 42 2801 5860 307
Apr,2021 892.25 373 3056 2781 5878 317 42 2801 5860 329
May,2021 892.25 375 3070 2781 5878 303 43 2801 5860 315
Soybean, Argentina Aug 891.25 394 3208 2927 5816 151 37 2801 5860 60
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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