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Crush Margins for Imported Soybeans in China--9/10/2020

2020-09-10 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 978.75 444 3493 2997 6812 169 -13 2934 6950 145
Oct 978.75 445 3505 2997 6812 157 -10 2934 6950 133
Nov 978.75 445 3514 2997 6812 148 -11 2934 6950 124
Dec 983.25 443 3501 2997 6812 161 -17 2934 6950 137
Jan,2021 983.25 441 3499 2856 6658 22 -26 2934 6950 139
Soybean,
US PNW		 Oct 978.75 440 3472 2997 6812 190 -19 2934 6950 166
Nov 978.75 440 3479 2997 6812 183 -25 2934 6950 159
Dec 983.25 439 3469 2997 6812 193 -8 2934 6950 169
Soybean,
 Brazil		 Sep 978.75 450 3537 2997 6812 193 -6 2934 6950 171
Oct 978.75 450 3546 2997 6812 184 -5 2934 6950 162
Nov 978.75 451 3562 2997 6812 168 -5 2934 6950 146
Dec 983.25 453 3576 2997 6812 154 -4 2934 6950 132
Jan,2021 983.25 427 3397 2856 6658 58 9 2934 6950 172
Feb,2021 981.25 424 3369 2856 6658 86 -3 2934 6950 200
Mar,2021 981.25 416 3307 2856 6658 148 -12 2934 6950 262
Apr,2021 982 411 3267 2856 6658 188 -16 2934 6950 302
May,2021 982 412 3279 2856 6658 176 -14 2934 6950 290
Jun,2021 984.25 415 3299 2856 6658 156 -1 2934 6950 270
Soybean, Argentina Sep 978.75 437 3436 2997 6812 158 -12 2934 6950 133
May,2021 984.25 404 3219 2856 6658 236 -9 2934 6950 350
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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