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Crush Margins for Imported Soybeans in China--9/3/2020

2020-09-03 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 962 436 3423 2955 6812 206 30 2897 6830 163
Oct 962 436 3430 2955 6812 199 30 2897 6830 156
Nov 962 435 3434 2955 6812 195 30 2897 6830 152
Dec 968.25 434 3427 2955 6812 202 29 2897 6830 159
Soybean,
US PNW		 Oct 962 428 3372 2955 6812 257 29 2897 6830 214
Nov 962 428 3376 2955 6812 253 29 2897 6830 210
Dec 968.25 430 3391 2955 6812 238 29 2897 6830 195
Soybean,
 Brazil		 Sep 962 454 3561 2955 6812 136 37 2897 6830 94
Oct 962 453 3565 2955 6812 132 33 2897 6830 90
Nov 962 451 3554 2955 6812 143 44 2897 6830 101
Dec 968.25 453 3566 2955 6812 131 42 2897 6830 89
Jan,2021 968.25 425 3375 2821 6656 52 29 2897 6830 143
Feb,2021 969.75 417 3309 2821 6656 118 25 2897 6830 209
Mar,2021 969.75 409 3246 2821 6656 181 26 2897 6830 272
Apr,2021 971.25 406 3223 2821 6656 204 25 2897 6830 295
May,2021 971.25 408 3237 2821 6656 190 25 2897 6830 281
Jun,2021 974 409 3251 2821 6656 176 25 2897 6830 267
Soybean, Argentina Sep 962 433 3400 2955 6812 161 28 2897 6830 118
May,2021 974 398 3165 2821 6656 262 25 2897 6830 353
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%.

 

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