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Crush Margins for Imported Soybeans in China--7/30/2020

2020-07-30 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 885.25 399 3217 2914 6218 266 12 2969 6330 331
Aug 885.25 404 3255 2914 6218 228 13 2969 6330 293
Sep 885.25 407 3280 2931 6198 213 21 2969 6330 268
Oct 885.25 408 3292 2931 6198 201 33 2969 6330 256
Nov 885.25 408 3292 2931 6198 201 34 2969 6330 256
Dec 891.5 410 3330 2931 6198 163 27 2969 6330 218
Soybean,
US PNW		 Oct 885.25 400 3234 2931 6198 259 32 2969 6330 314
Nov 885.25 401 3240 2931 6198 253 29 2969 6330 308
Dec 891.5 403 3271 2931 6198 222 17 2969 6330 277
Soybean,
 Brazil		 Aug 885.25 410 3298 2914 6218 248 14 2969 6330 314
Sep 885.25 412 3319 2931 6198 236 -7 2969 6330 293
Oct 885.25 413 3338 2931 6198 217 6 2969 6330 274
Nov 885.25 414 3344 2931 6198 211 22 2969 6330 268
Dec 891.5 416 3373 2931 6198 182 3 2969 6330 239
Jan,2021 891.5 394 3199 2714 6128 171 14 2969 6330 413
Feb,2021 889.5 389 3164 2714 6128 206 11 2969 6330 448
Mar,2021 889.5 378 3077 2714 6128 293 25 2969 6330 535
Apr,2021 892 375 3053 2714 6128 317 23 2969 6330 559
May,2021 892 377 3067 2714 6128 303 21 2969 6330 545
Soybean, Argentina Aug 885.25 399 3210 2914 6218 211 -2 2969 6330 275
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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