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Crush Margins for Imported Soybeans in China--8/5/2020

2020-08-05 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 881.75 406 3257 2885 6382 235 33 2942 6640 329
Sep 881.75 405 3259 2896 6300 226 29 2942 6640 327
Oct 881.75 405 3265 2896 6300 220 34 2942 6640 321
Nov 881.75 407 3276 2896 6300 209 23 2942 6640 310
Dec 888 410 3322 2896 6300 163 17 2942 6640 264
Soybean,
US PNW
Oct 881.75 400 3224 2896 6300 261 14 2942 6640 362
Nov 881.75 400 3227 2896 6300 258 14 2942 6640 359
Dec 888 402 3257 2896 6300 228 11 2942 6640 329
Soybean,
 Brazil
Aug 881.75 411 3297 2885 6382 259 25 2942 6640 355
Sep 881.75 411 3301 2896 6300 247 15 2942 6640 351
Oct 881.75 412 3316 2896 6300 232 18 2942 6640 336
Nov 881.75 413 3325 2896 6300 223 14 2942 6640 327
Dec 888 414 3355 2896 6300 193 12 2942 6640 297
Jan,2021 888 392 3182 2718 6176 200 19 2942 6640 470
Feb,2021 888.75 389 3155 2718 6176 227 12 2942 6640 497
Mar,2021 888.75 380 3083 2718 6176 299 11 2942 6640 569
Apr,2021 892.5 377 3057 2718 6176 325 6 2942 6640 595
May,2021 892.5 377 3063 2718 6176 319 11 2942 6640 589
Soybean, Argentina Aug 881.75 400 3209 2885 6382 219 25 2942 6640 310
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%.