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Crush Margins for Imported Soybeans in China--7/14/2020

2020-07-14 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 875.25 389 3148 2863 5782 212 36 2832 5900 210
Aug 875.25 392 3177 2863 5782 183 41 2832 5900 181
Sep 875.25 396 3204 2896 5804 187 32 2832 5900 154
Oct 875.25 397 3215 2896 5804 176 40 2832 5900 143
Nov 875.25 398 3242 2896 5804 149 35 2832 5900 116
Dec 881.25 400 3256 2896 5804 135 34 2832 5900 102
Soybean,
US PNW		 Oct 875.25 393 3182 2896 5804 209 38 2832 5900 176
Nov 875.25 394 3208 2896 5804 183 34 2832 5900 150
Dec 881.25 395 3223 2896 5804 168 32 2832 5900 135
Soybean,
 Brazil		 Jul 875.25 393 3174 2863 5782 244 30 2832 5900 243
Aug 875.25 394 3194 2863 5782 224 36 2832 5900 223
Sep 875.25 400 3238 2896 5804 211 20 2832 5900 179
Oct 875.25 402 3258 2896 5804 191 20 2832 5900 159
Nov 875.25 404 3288 2896 5804 161 27 2832 5900 129
Dec 881.25 405 3296 2896 5804 153 30 2832 5900 121
Jan,2021 881.25 382 3113 2702 5800 182 31 2832 5900 304
Feb,2021 878.25 375 3061 2702 5800 234 20 2832 5900 356
Mar,2021 878.25 368 3002 2702 5800 293 29 2832 5900 415
Apr,2021 879.25 368 3005 2702 5800 290 23 2832 5900 412
May,2021 879.25 369 3011 2702 5800 284 31 2832 5900 406
Soybean, Argentina Aug 875.25 388 3141 2863 5782 162 41 2832 5900 158
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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