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Crush Margins for Imported Soybeans in China--7/16/2020

2020-07-16 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 882.75 392 3158 2874 5980 249 -2 2847 6000 231
Aug 882.75 395 3182 2874 5980 225 3 2847 6000 207
Sep 882.75 398 3209 2892 5940 204 -5 2847 6000 180
Oct 882.75 399 3218 2892 5940 195 -2 2847 6000 171
Nov 882.75 399 3239 2892 5940 174 -1 2847 6000 150
Dec 887.25 402 3260 2892 5940 153 -8 2847 6000 129
Soybean,
US PNW
Oct 882.75 396 3193 2892 5940 220 -10 2847 6000 196
Nov 882.75 396 3214 2892 5940 199 -9 2847 6000 175
Dec 887.25 396 3213 2892 5940 200 6 2847 6000 176
Soybean,
 Brazil
Jul 882.75 396 3189 2874 5980 277 -8 2847 6000 260
Aug 882.75 398 3204 2874 5980 262 -2 2847 6000 245
Sep 882.75 403 3253 2892 5940 220 -11 2847 6000 196
Oct 882.75 406 3272 2892 5940 201 -12 2847 6000 177
Nov 882.75 407 3302 2892 5940 171 -17 2847 6000 147
Dec 887.25 408 3306 2892 5940 167 -13 2847 6000 143
Jan,2021 887.25 385 3127 2703 5900 188 -22 2847 6000 322
Feb,2021 884.5 378 3075 2703 5900 240 -21 2847 6000 374
Mar,2021 884.5 371 3020 2703 5900 295 -24 2847 6000 429
Apr,2021 885.25 371 3013 2703 5900 302 -14 2847 6000 436
May,2021 885.25 372 3028 2703 5900 287 -23 2847 6000 421
Soybean, Argentina Aug 882.75 392 3160 2874 5980 187 3 2847 6000 169
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%.