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Crush Margins for Imported Soybeans in China--7/9/2020

2020-07-09 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 897.25 398 3206 2896 5820 188 25 2849 5880 162
Aug 897.25 401 3236 2896 5820 158 21 2849 5880 132
Sep 897.25 403 3262 2938 5864 173 14 2849 5880 106
Oct 897.25 406 3281 2938 5864 154 28 2849 5880 87
Nov 897.25 406 3302 2938 5864 133 29 2849 5880 66
Dec 902.75 408 3315 2938 5864 120 21 2849 5880 53
Soybean,
US PNW		 Oct 897.25 401 3246 2938 5864 189 14 2849 5880 122
Nov 897.25 402 3267 2938 5864 168 8 2849 5880 101
Dec 902.75 404 3280 2938 5864 155 3 2849 5880 88
Soybean,
 Brazil		 Jul 897.25 400 3229 2896 5820 223 24 2849 5880 198
Aug 897.25 402 3248 2896 5820 204 30 2849 5880 179
Sep 897.25 408 3295 2938 5864 199 23 2849 5880 132
Oct 897.25 410 3316 2938 5864 178 23 2849 5880 111
Nov 897.25 412 3349 2938 5864 145 23 2849 5880 78
Dec 902.75 413 3356 2938 5864 138 21 2849 5880 71
Jan,2021 902.75 391 3176 2741 5872 164 12 2849 5880 251
Feb,2021 899.25 383 3114 2741 5872 226 -6 2849 5880 313
Mar,2021 899.25 376 3064 2741 5872 276 11 2849 5880 363
Apr,2021 898.25 376 3061 2741 5872 279 10 2849 5880 366
May,2021 898.25 378 3076 2741 5872 264 18 2849 5880 351
Soybean, Argentina Aug 897.25 396 3199 2896 5820 136 18 2849 5880 110
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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