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Crush Margins for Imported Soybeans in China--7/28/2020

2020-07-28 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 899.75 403 3242 2954 6112 253 -86 3054 6370 381
Aug 899.75 405 3260 2954 6112 235 -86 3054 6370 363
Sep 899.75 409 3296 2951 6044 184 -70 3054 6370 327
Oct 899.75 410 3312 2951 6044 168 -71 3054 6370 311
Nov 899.75 412 3324 2951 6044 156 -82 3054 6370 299
Dec 905.25 414 3357 2951 6044 123 -70 3054 6370 266
Soybean,
US PNW
Oct 899.75 402 3251 2951 6044 229 -71 3054 6370 372
Nov 899.75 404 3265 2951 6044 215 -79 3054 6370 358
Dec 905.25 405 3289 2951 6044 191 -76 3054 6370 334
Soybean,
 Brazil
Aug 899.75 410 3297 2954 6112 259 -108 3054 6370 390
Sep 899.75 413 3332 2951 6044 208 -77 3054 6370 355
Oct 899.75 415 3353 2951 6044 187 -71 3054 6370 334
Nov 899.75 418 3374 2951 6044 166 -86 3054 6370 313
Dec 905.25 418 3390 2951 6044 150 -76 3054 6370 297
Jan,2021 905.25 395 3211 2724 6006 142 -54 3054 6370 476
Feb,2021 902.25 390 3174 2724 6006 179 -64 3054 6370 513
Mar,2021 902.25 381 3101 2724 6006 252 -58 3054 6370 586
Apr,2021 903.5 380 3088 2724 6006 265 -60 3054 6370 599
May,2021 903.5 381 3100 2724 6006 253 -60 3054 6370 587
Soybean, Argentina Aug 899.75 397 3198 2954 6112 236 -85 3054 6370 361
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%.