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Crush Margins for Imported Soybeans in China--7/17/2020

2020-07-17 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 891 397 3202 2893 6070 237 -12 2859 6050 206
Aug 891 402 3237 2893 6070 202 -23 2859 6050 171
Sep 891 403 3250 2904 6052 194 -10 2859 6050 158
Oct 891 404 3265 2904 6052 179 -16 2859 6050 143
Nov 891 403 3260 2904 6052 184 10 2859 6050 148
Dec 895 406 3299 2904 6052 145 -8 2859 6050 109
Soybean,
US PNW		 Oct 891 399 3227 2904 6052 217 -3 2859 6050 181
Nov 891 399 3227 2904 6052 217 18 2859 6050 181
Dec 895 399 3240 2904 6052 204 4 2859 6050 168
Soybean,
 Brazil		 Aug 891 401 3231 2893 6070 268 6 2859 6050 238
Sep 891 406 3280 2904 6052 225 5 2859 6050 189
Oct 891 409 3307 2904 6052 198 -3 2859 6050 162
Nov 891 410 3315 2904 6052 190 19 2859 6050 154
Dec 895 410 3334 2904 6052 171 4 2859 6050 135
Jan,2021 895 388 3153 2706 6030 191 3 2859 6050 316
Feb,2021 891.5 382 3108 2706 6030 236 -4 2859 6050 361
Mar,2021 891.5 375 3050 2706 6030 294 -1 2859 6050 419
Apr,2021 890.5 372 3033 2706 6030 311 9 2859 6050 436
May,2021 890.5 375 3051 2706 6030 293 6 2859 6050 418
Soybean, Argentina Aug 891 395 3183 2893 6070 195 8 2859 6050 165
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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