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Crush Margins for Imported Soybeans in China--8/27/2020

2020-08-27 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 924.25 419 3323 2918 6510 219 -2 2886 6620 215
Sep 924.25 420 3335 2918 6510 207 -2 2886 6620 203
Oct 924.25 421 3343 2918 6510 199 -3 2886 6620 195
Nov 924.25 421 3349 2918 6510 193 -2 2886 6620 189
Dec 930.25 421 3352 2918 6510 190 0 2886 6620 186
Soybean,
US PNW
Oct 924.25 413 3284 2918 6510 258 -3 2886 6620 254
Nov 924.25 413 3290 2918 6510 252 -3 2886 6620 248
Dec 930.25 415 3310 2918 6510 232 0 2886 6620 228
Soybean,
 Brazil
Aug 924.25 424 3365 2918 6510 242 -1 2886 6620 239
Sep 924.25 427 3384 2918 6510 223 -1 2886 6620 220
Oct 924.25 430 3412 2918 6510 195 -1 2886 6620 192
Nov 924.25 430 3420 2918 6510 187 -1 2886 6620 184
Dec 930.25 433 3450 2918 6510 157 1 2886 6620 154
Jan,2021 930.25 411 3296 2766 6376 37 5 2886 6620 176
Feb,2021 932 405 3243 2766 6376 90 7 2886 6620 229
Mar,2021 932 395 3166 2766 6376 167 6 2886 6620 306
Apr,2021 934.75 392 3146 2766 6376 187 7 2886 6620 326
May,2021 934.75 395 3166 2766 6376 167 7 2886 6620 306
Jun,2021 939 396 3179 2766 6376 154 8 2886 6620 293
Soybean, Argentina Sep 924.25 418 3318 2918 6510 159 -3 2886 6620 154
May,2021 939 385 3093 2766 6376 240 16 2886 6620 379
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 10:10 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%.