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Crush Margins for Imported Soybeans in China--9/17/2020

2020-09-17 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 1011.25 462 3585 3102 7180 230 -3 3012 7190 161
Oct 1011.25 462 3597 3102 7180 218 2 3012 7190 149
Nov 1011.25 459 3576 3102 7180 239 13 3012 7190 170
Dec 1015.25 457 3566 3102 7180 249 8 3012 7190 180
Jan 1015.25 454 3558 2925 7016 86 3 3012 7190 188
Soybean,
US PNW		 Oct 1011.25 458 3563 3102 7180 252 -15 3012 7190 183
Nov 1011.25 459 3575 3102 7180 240 -18 3012 7190 171
Dec 1015.25 459 3575 3102 7180 240 -17 3012 7190 171
Soybean,
 Brazil		 Sep 1011.25 465 3613 3102 7180 274 15 3012 7190 204
Oct 1011.25 466 3622 3102 7180 265 15 3012 7190 195
Nov 1011.25 467 3636 3102 7180 251 15 3012 7190 181
Dec 1015.25 469 3656 3102 7180 231 16 3012 7190 161
Jan 1015.25 443 3473 2925 7016 241 131 3012 7190 344
Feb 1014.25 440 3449 2925 7016 265 128 3012 7190 368
Mar 1014.25 431 3384 2925 7016 330 123 3012 7190 433
Apr 1014.25 425 3340 2925 7016 374 148 3012 7190 477
May 1014.25 427 3352 2925 7016 362 150 3012 7190 465
Jun 1015.5 429 3366 2925 7016 348 147 3012 7190 451
Soybean, Argentina Sep 1011.25 447 3477 3102 7180 266 11 3012 7190 197
May 1015.5 417 3274 2925 7016 300 15 3012 7190 400
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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