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Crush Margins for Imported Soybeans in China--9/18/2020

2020-09-18 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 1028.5 468 3634 3158 7336 255 25 3033 7360 160
Oct 1028.5 469 3645 3158 7336 244 26 3033 7360 149
Nov 1028.5 465 3624 3158 7336 265 26 3033 7360 170
Dec 1031.25 463 3611 3158 7336 278 29 3033 7360 183
Jan 1031.25 460 3603 2970 7150 102 16 3033 7360 191
Soybean,
US PNW		 Oct 1028.5 464 3610 3158 7336 279 27 3033 7360 184
Nov 1028.5 465 3623 3158 7336 266 26 3033 7360 171
Dec 1031.25 465 3620 3158 7336 269 29 3033 7360 174
Soybean,
 Brazil		 Sep 1028.5 472 3661 3158 7336 301 27 3033 7360 207
Oct 1028.5 472 3669 3158 7336 293 28 3033 7360 199
Nov 1028.5 473 3684 3158 7336 278 27 3033 7360 184
Dec 1031.25 475 3701 3158 7336 261 30 3033 7360 167
Jan 1031.25 449 3518 2970 7150 258 17 3033 7360 350
Feb 1023.75 443 3476 2970 7150 300 35 3033 7360 392
Mar 1023.75 435 3411 2970 7150 365 35 3033 7360 457
Apr 1019 427 3354 2970 7150 422 48 3033 7360 514
May 1019 429 3365 2970 7150 411 49 3033 7360 503
Jun 1019.75 430 3378 2988 7014 385 37 3033 7360 490
Soybean, Argentina Sep 1028.5 454 3526 3158 7336 289 23 3033 7360 195
May 1019.75 419 3291 2970 7150 342 42 3033 7360 430
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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