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Crush Margins for Imported Soybeans in China--7/27/2020

2020-07-27 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 899.25 402 3248 3041 6236 339 45 2989 6400 329
Aug 899.25 405 3266 3041 6236 321 46 2989 6400 311
Sep 899.25 408 3303 3023 6150 254 17 2989 6400 274
Oct 899.25 410 3318 3023 6150 239 21 2989 6400 259
Nov 899.25 410 3319 3023 6150 238 23 2989 6400 258
Dec 904.75 413 3364 3023 6150 193 22 2989 6400 213
Soybean,
US PNW		 Oct 899.25 402 3257 3023 6150 300 20 2989 6400 320
Nov 899.25 403 3263 3023 6150 294 14 2989 6400 314
Dec 904.75 404 3290 3023 6150 267 24 2989 6400 287
Soybean,
 Brazil		 Aug 899.25 407 3283 3041 6236 367 39 2989 6400 358
Sep 899.25 412 3333 3023 6150 285 25 2989 6400 308
Oct 899.25 415 3360 3023 6150 258 25 2989 6400 281
Nov 899.25 416 3366 3023 6150 252 26 2989 6400 275
Dec 904.75 417 3392 3023 6150 226 23 2989 6400 249
Jan,2021 904.75 395 3218 2778 6096 196 1 2989 6400 423
Feb,2021 900.75 389 3171 2778 6096 243 -6 2989 6400 470
Mar,2021 900.75 381 3104 2778 6096 310 6 2989 6400 537
Apr,2021 901.25 379 3089 2778 6096 325 11 2989 6400 552
May,2021 901.25 380 3101 2778 6096 313 11 2989 6400 540
Soybean, Argentina Aug 899.25 397 3204 3041 6236 321 46 2989 6400 309
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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