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Crush Margins for Imported Soybeans in China--9/4/2020

2020-09-04 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 966 437 3446 2941 6752 160 -46 2907 6920 165
Oct 966 435 3437 2941 6752 169 -30 2907 6920 174
Nov 966 435 3441 2941 6752 165 -30 2907 6920 170
Dec 972.25 435 3442 2941 6752 164 -38 2907 6920 169
Jan,2021 972.25 435 3460 2814 6602 17   2907 6920 151
Soybean,
US PNW		 Oct 966 429 3389 2941 6752 217 -40 2907 6920 222
Nov 966 429 3391 2941 6752 215 -38 2907 6920 220
Dec 972.25 430 3403 2941 6752 203 -35 2907 6920 208
Soybean,
 Brazil		 Sep 966 451 3553 2941 6752 121 -15 2907 6920 128
Oct 966 452 3563 2941 6752 111 -21 2907 6920 118
Nov 966 451 3560 2941 6752 114 -29 2907 6920 121
Dec 972.25 452 3573 2941 6752 101 -30 2907 6920 108
Jan,2021 972.25 425 3378 2814 6602 33 -19 2907 6920 164
Feb,2021 972.75 417 3323 2814 6602 88 -30 2907 6920 219
Mar,2021 972.75 409 3257 2814 6602 154 -27 2907 6920 285
Apr,2021 974.25 406 3237 2814 6602 174 -30 2907 6920 305
May,2021 974.25 408 3248 2814 6602 163 -27 2907 6920 294
Jun,2021 976.75 411 3270 2814 6602 141 -35 2907 6920 272
Soybean, Argentina Sep 966 431 3394 2941 6752 145 -16 2907 6920 148
May,2021 976.75 400 3187 2814 6602 224 -38 2907 6920 355
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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