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Crush Margins for Imported Soybeans in China--8/3/2020

2020-08-03 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		 Aug 892.5 411 3302 2907 6266 185 8 2960 6420 256
Sep 892.5 411 3313 2924 6230 181 18 2960 6420 245
Oct 892.5 412 3322 2924 6230 172 21 2960 6420 236
Nov 892.5 412 3322 2924 6230 172 21 2960 6420 236
Dec 898 415 3362 2924 6230 132 17 2960 6420 196
Soybean,
US PNW		 Oct 892.5 404 3261 2924 6230 233 24 2960 6420 297
Nov 892.5 404 3264 2924 6230 230 26 2960 6420 294
Dec 898 406 3291 2924 6230 203 28 2960 6420 267
Soybean,
 Brazil		 Aug 892.5 415 3334 2907 6266 216 21 2960 6420 288
Sep 892.5 415 3341 2924 6230 215 30 2960 6420 281
Oct 892.5 416 3357 2924 6230 199 33 2960 6420 265
Nov 892.5 417 3362 2924 6230 194 34 2960 6420 260
Dec 898 418 3390 2924 6230 166 33 2960 6420 232
Jan,2021 898 396 3216 2726 6142 166 26 2960 6420 406
Feb,2021 895.5 392 3180 2726 6142 202 27 2960 6420 442
Mar,2021 895.5 381 3098 2726 6142 284 22 2960 6420 524
Apr,2021 898.25 379 3078 2726 6142 304 17 2960 6420 544
May,2021 898.25 380 3090 2726 6142 292 20 2960 6420 532
Soybean, Argentina Aug 892.5 403 3246 2907 6266 178 18 2960 6420 248
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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