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Crush Margins for Imported Soybeans in China--9/2/2020

2020-09-02 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
Sep 954.75 433 3410 2938 6660 176 -10 2899 6840 180
Oct 954.75 433 3417 2938 6660 169 -11 2899 6840 173
Nov 954.75 433 3421 2938 6660 165 -10 2899 6840 169
Dec 961 432 3413 2938 6660 173 -10 2899 6840 177
Soybean,
US PNW
Oct 954.75 426 3358 2938 6660 228 -10 2899 6840 232
Nov 954.75 425 3362 2938 6660 224 -10 2899 6840 228
Dec 961 427 3377 2938 6660 209 -10 2899 6840 213
Soybean,
 Brazil
Sep 954.75 452 3554 2938 6660 99 -9 2899 6840 104
Oct 954.75 451 3554 2938 6660 99 -10 2899 6840 104
Nov 954.75 450 3554 2938 6660 99 -9 2899 6840 104
Dec 961 451 3564 2938 6660 89 -9 2899 6840 94
Jan,2021 961 423 3362 2800 6516 23 -5 2899 6840 159
Feb,2021 961.75 414 3292 2800 6516 93 -7 2899 6840 229
Mar,2021 961.75 406 3230 2800 6516 155 -7 2899 6840 291
Apr,2021 963 403 3206 2800 6516 179 -8 2899 6840 315
May,2021 963 405 3220 2800 6516 165 -8 2899 6840 301
Jun,2021 965.75 406 3234 2800 6516 151 -10 2899 6840 287
Soybean, Argentina Sep 954.75 430 3387 2938 6660 133 -15 2899 6840 134
May,2021 965.75 395 3148 2800 6516 237 -9 2899 6840 373
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%.