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Crush Margins for Imported Soybeans in China--8/11/2020

2020-08-11 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 873.25 403 3227 2825 6256 193 16 2852 6370 236
Sep 873.25 403 3238 2864 6242 211 21 2852 6370 225
Oct 873.25 404 3250 2864 6242 199 19 2852 6370 213
Nov 873.25 405 3256 2864 6242 193 19 2852 6370 207
Dec 879.25 407 3297 2864 6242 152 20 2852 6370 166
Soybean,
US PNW
Oct 873.25 397 3194 2864 6242 255 19 2852 6370 269
Nov 873.25 397 3197 2864 6242 252 19 2852 6370 266
Dec 879.25 399 3228 2864 6242 221 21 2852 6370 235
Soybean,
 Brazil
Aug 873.25 411 3291 2825 6256 192 18 2852 6370 236
Sep 873.25 411 3300 2864 6242 211 21 2852 6370 227
Oct 873.25 413 3321 2864 6242 190 20 2852 6370 206
Nov 873.25 416 3343 2864 6242 168 20 2852 6370 184
Dec 879.25 417 3371 2864 6242 140 20 2852 6370 156
Jan,2021 879.25 390 3159 2705 6128 204 3 2852 6370 368
Feb,2021 881.75 387 3131 2705 6128 232 2 2852 6370 396
Mar,2021 881.75 378 3067 2705 6128 296 4 2852 6370 460
Apr,2021 886.25 375 3041 2705 6128 322 16 2852 6370 486
May,2021 886.25 378 3061 2705 6128 302 15 2852 6370 466
Jun,2021 893 382 3095 2705 6128 268 16 2852 6370 432
Soybean, Argentina Sep 873.25 396 3182 2864 6242 204 18 2852 6370 218
May,2021 893 368 2983 2705 6128 257 14 2852 6370 417
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%.