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Crush Margins for Imported Soybeans in China--8/4/2020

2020-08-04 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 896.25 412 3315 2908 6420 202 17 2970 6620 289
Sep 896.25 413 3324 2927 6360 197 16 2970 6620 280
Oct 896.25 413 3335 2927 6360 186 14 2970 6620 269
Nov 896.25 413 3335 2927 6360 186 14 2970 6620 269
Dec 901.75 416 3375 2927 6360 146 14 2970 6620 229
Soybean,
US PNW		 Oct 896.25 405 3274 2927 6360 247 14 2970 6620 330
Nov 896.25 406 3277 2927 6360 244 14 2970 6620 327
Dec 901.75 407 3304 2927 6360 217 14 2970 6620 300
Soybean,
 Brazil		 Aug 896.25 416 3347 2908 6420 234 18 2970 6620 323
Sep 896.25 416 3352 2927 6360 232 17 2970 6620 318
Oct 896.25 417 3370 2927 6360 214 15 2970 6620 300
Nov 896.25 418 3375 2927 6360 209 15 2970 6620 295
Dec 901.75 419 3403 2927 6360 181 15 2970 6620 267
Jan,2021 901.75 398 3229 2734 6250 181 15 2970 6620 441
Feb,2021 900 393 3195 2734 6250 215 13 2970 6620 475
Mar,2021 900 384 3122 2734 6250 288 4 2970 6620 548
Apr,2021 901.75 380 3091 2734 6250 319 15 2970 6620 579
May,2021 901.75 381 3102 2734 6250 308 16 2970 6620 568
Soybean, Argentina Aug 896.25 405 3259 2908 6420 194 16 2970 6620 279
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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