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Crush Margins for Imported Soybeans in China--9/21/2020

2020-09-21 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 1043.5 474 3681 3135 7422 206 -49 3094 7510 190
Oct 1043.5 474 3693 3135 7422 194 -50 3094 7510 178
Nov 1043.5 471 3672 3135 7422 215 -50 3094 7510 199
Dec 1047.25 469 3662 3135 7422 225 -53 3094 7510 209
Jan 1047.25 466 3654 2957 7206 51 -51 3094 7510 217
Soybean,
US PNW		 Oct 1043.5 470 3659 3135 7422 228 -51 3094 7510 212
Nov 1043.5 470 3671 3135 7422 216 -50 3094 7510 200
Dec 1047.25 470 3671 3135 7422 216 -53 3094 7510 200
Soybean,
 Brazil		 Sep 1043.5 477 3709 3135 7422 252 -49 3094 7510 237
Oct 1043.5 478 3718 3135 7422 243 -50 3094 7510 228
Nov 1043.5 479 3733 3135 7422 228 -50 3094 7510 213
Dec 1047.25 481 3752 3135 7422 209 -52 3094 7510 194
Jan 1047.25 455 3570 2957 7206 207 -51 3094 7510 376
Feb 1038 448 3522 2957 7206 255 -45 3094 7510 424
Mar 1038 440 3457 2957 7206 320 -45 3094 7510 489
Apr 1030.5 431 3392 2957 7206 385 -37 3094 7510 554
May 1030.5 433 3403 2957 7206 374 -37 3094 7510 543
Jun 1030.25 434 3414 2978 7072 353 -32 3094 7510 532
Soybean, Argentina Sep 1043.5 459 3573 3135 7422 240 -49 3094 7510 223
May 1030.25 423 3327 2957 7206 306 -36 3094 7510 469
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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