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

2020-09-09 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 973 441 3474 2985 6832 182 -46 2950 7020 190
Oct 973 442 3489 2985 6832 167 -46 2950 7020 175
Nov 973 442 3497 2985 6832 159 -45 2950 7020 167
Dec 978.25 440 3478 2985 6832 178 -44 2950 7020 186
Jan,2021 978.25 436 3471 2849 6676 48 -44 2950 7020 193
Soybean,
US PNW
Oct 973 436 3447 2985 6832 209 -45 2950 7020 217
Nov 973 436 3448 2985 6832 208 -45 2950 7020 216
Dec 978.25 437 3455 2985 6832 201 -45 2950 7020 209
Soybean,
 Brazil
Sep 973 448 3526 2985 6832 199 -46 2950 7020 209
Oct 973 448 3536 2985 6832 189 -47 2950 7020 199
Nov 973 449 3552 2985 6832 173 -46 2950 7020 183
Dec 978.25 451 3567 2985 6832 158 -45 2950 7020 168
Jan,2021 978.25 427 3403 2849 6676 49 -44 2950 7020 191
Feb,2021 977 422 3363 2849 6676 89 -39 2950 7020 231
Mar,2021 977 413 3292 2849 6676 160 -40 2950 7020 302
Apr,2021 978.25 407 3248 2849 6676 204 -38 2950 7020 346
May,2021 978.25 409 3262 2849 6676 190 -38 2950 7020 332
Jun,2021 980.75 413 3295 2849 6676 157 -38 2950 7020 299
Soybean, Argentina Sep 973 433 3418 2985 6832 170 -45 2950 7020 176
May,2021 980.75 402 3207 2849 6676 245 -38 2950 7020 387
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%.