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Crush Margins for Imported Soybeans in China--7/20/2020

2020-07-20 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 895 399 3209 2915 6236 279 42 2879 6250 253
Aug 895 403 3244 2915 6236 244 42 2879 6250 218
Sep 895 404 3257 2924 6196 230 36 2879 6250 205
Oct 895 405 3272 2924 6196 215 36 2879 6250 190
Nov 895 405 3267 2924 6196 220 36 2879 6250 195
Dec 899.25 408 3308 2924 6196 179 34 2879 6250 154
Soybean,
US PNW
Oct 895 399 3220 2924 6196 267 50 2879 6250 242
Nov 895 399 3220 2924 6196 267 50 2879 6250 242
Dec 899.25 398 3234 2924 6196 253 49 2879 6250 228
Soybean,
 Brazil
Aug 895 402 3235 2915 6236 315 47 2879 6250 289
Sep 895 405 3263 2924 6196 286 61 2879 6250 261
Oct 895 408 3290 2924 6196 259 61 2879 6250 234
Nov 895 409 3300 2924 6196 249 59 2879 6250 224
Dec 899.25 409 3320 2924 6196 229 58 2879 6250 204
Jan,2021 899.25 389 3156 2715 6146 218 27 2879 6250 368
Feb,2021 896 381 3097 2715 6146 277 41 2879 6250 427
Mar,2021 896 375 3051 2715 6146 323 29 2879 6250 473
Apr,2021 894.75 374 3039 2715 6146 335 24 2879 6250 485
May,2021 894.75 376 3054 2715 6146 320 27 2879 6250 470
Soybean, Argentina Aug 895 395 3182 2915 6236 243 48 2879 6250 217
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%.