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Crush Margins for Imported Soybeans in China--8/6/2020

2020-08-06 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 878.75 405 3241 2853 6320 214 -21 2927 6490 304
Sep 878.75 405 3247 2874 6270 215 -11 2927 6490 298
Oct 878.75 405 3254 2874 6270 208 -12 2927 6490 291
Nov 878.75 406 3259 2874 6270 203 -6 2927 6490 286
Dec 885.25 409 3302 2874 6270 160 -3 2927 6490 243
Soybean,
US PNW
Oct 878.75 399 3206 2874 6270 256 -5 2927 6490 339
Nov 878.75 399 3209 2874 6270 253 -5 2927 6490 336
Dec 885.25 401 3239 2874 6270 223 -5 2927 6490 306
Soybean,
 Brazil
Aug 878.75 411 3291 2853 6320 227 -32 2927 6490 319
Sep 878.75 411 3297 2874 6270 227 -20 2927 6490 313
Oct 878.75 412 3312 2874 6270 212 -20 2927 6490 298
Nov 878.75 413 3314 2874 6270 210 -13 2927 6490 296
Dec 885.25 414 3343 2874 6270 181 -12 2927 6490 267
Jan,2021 885.25 391 3164 2710 6170 211 11 2927 6490 446
Feb,2021 887.25 389 3141 2710 6170 234 7 2927 6490 469
Mar,2021 887.25 381 3079 2710 6170 296 -3 2927 6490 531
Apr,2021 891.75 378 3057 2710 6170 318 -7 2927 6490 553
May,2021 891.75 379 3068 2710 6170 307 -12 2927 6490 542
Jun,2021 899.25 382 3092 2710 6170 283   2927 6490 518
Soybean, Argentina Sep 878.75 400 3208 2874 6270 191   2927 6490 273
May,2021 899.25 370 2995 2710 6170 257   2927 6490 486
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%.