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Crush Margins for Imported Soybeans in China--9/7/2020

2020-09-07 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 968 439 3453 3002 6786 208 48 2920 6900 165
Oct 968 439 3459 3002 6786 202 33 2920 6900 159
Nov 968 438 3455 3002 6786 206 41 2920 6900 163
Dec 973.5 436 3438 3002 6786 223 59 2920 6900 180
Jan,2021 973.5 436 3458 2860 6642 63 46 2920 6900 160
Soybean,
US PNW		 Oct 968 432 3404 3002 6786 257 40 2920 6900 214
Nov 968 431 3405 3002 6786 256 41 2920 6900 213
Dec 973.5 433 3415 3002 6786 246 43 2920 6900 203
Soybean,
 Brazil		 Sep 968 451 3544 3002 6786 185 64 2920 6900 143
Oct 968 452 3556 3002 6786 173 62 2920 6900 131
Nov 968 450 3550 3002 6786 179 65 2920 6900 137
Dec 973.5 452 3561 3002 6786 168 67 2920 6900 126
Jan,2021 973.5 426 3380 2860 6642 75 42 2920 6900 169
Feb,2021 973.75 417 3316 2860 6642 139 51 2920 6900 233
Mar,2021 973.75 410 3259 2860 6642 196 42 2920 6900 290
Apr,2021 975.5 406 3231 2860 6642 224 50 2920 6900 318
May,2021 975.5 408 3243 2860 6642 212 49 2920 6900 306
Jun,2021 978 411 3264 2860 6642 191 50 2920 6900 285
Soybean, Argentina Sep 968 432 3394 3002 6786 199 54 2920 6900 155
May,2021 978 400 3182 2860 6642 273 49 2920 6900 367
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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