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Crush Margins for Imported Soybeans in China--7/24/2020

2020-07-24 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 900 403 3250 2970 6304 294 22 2955 6400 300
Aug 900 405 3269 2970 6304 275 21 2955 6400 281
Sep 900 407 3290 2973 6204 237 13 2955 6400 260
Oct 900 409 3309 2973 6204 218 13 2955 6400 241
Nov 900 409 3312 2973 6204 215 14 2955 6400 238
Dec 905 412 3356 2973 6204 171 11 2955 6400 194
Soybean,
US PNW		 Oct 900 401 3247 2973 6204 280 14 2955 6400 303
Nov 900 401 3247 2973 6204 280 14 2955 6400 303
Dec 905 403 3284 2973 6204 243 12 2955 6400 266
Soybean,
 Brazil		 Aug 900 406 3279 2970 6304 328 23 2955 6400 335
Sep 900 412 3329 2973 6204 260 14 2955 6400 285
Oct 900 415 3356 2973 6204 233 14 2955 6400 258
Nov 900 415 3363 2973 6204 226 14 2955 6400 251
Dec 905 416 3386 2973 6204 203 13 2955 6400 228
Jan,2021 905 393 3204 2743 6158 195 7 2955 6400 410
Feb,2021 900.75 386 3150 2743 6158 249 12 2955 6400 464
Mar,2021 900.75 380 3095 2743 6158 304 11 2955 6400 519
Apr,2021 901 378 3085 2743 6158 314 28 2955 6400 529
May,2021 901 380 3097 2743 6158 302 27 2955 6400 517
Soybean, Argentina Aug 900 397 3206 2970 6304 275 21 2955 6400 280
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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