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Crush Margins for Imported Soybeans in China--8/13/2020

2020-08-13 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 883 406 3248 2842 6408 215 51 2847 6330 204
Sep 883 407 3263 2885 6398 232 54 2847 6330 189
Oct 883 408 3272 2885 6398 223 54 2847 6330 180
Nov 883 408 3278 2885 6398 217 54 2847 6330 174
Dec 887.75 411 3314 2885 6398 181 56 2847 6330 138
Soybean,
US PNW		 Oct 883 402 3224 2885 6398 271 46 2847 6330 228
Nov 883 401 3219 2885 6398 276 54 2847 6330 233
Dec 887.75 402 3246 2885 6398 249 56 2847 6330 206
Soybean,
 Brazil		 Aug 883 414 3311 2842 6408 216 54 2847 6330 204
Sep 883 415 3321 2885 6398 238 58 2847 6330 194
Oct 883 417 3342 2885 6398 217 57 2847 6330 173
Nov 883 420 3365 2885 6398 194 56 2847 6330 150
Dec 887.75 420 3388 2885 6398 171 60 2847 6330 127
Jan,2021 887.75 393 3177 2713 6246 215 33 2847 6330 338
Feb,2021 889.25 389 3146 2713 6246 246 37 2847 6330 369
Mar,2021 889.25 381 3082 2713 6246 310 36 2847 6330 433
Apr,2021 893 379 3063 2713 6246 329 28 2847 6330 452
May,2021 893 380 3074 2713 6246 318 36 2847 6330 441
Jun,2021 899.25 384 3106 2713 6246 286 38 2847 6330 409
Soybean, Argentina Sep 883 400 3204 2885 6398 227 52 2847 6330 185
May,2021 899.25 371 3001 2713 6246 267 28 2847 6330 388
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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