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Crush Margins for Imported Soybeans in China--9/25/2020

2020-09-25 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 1000 462 3618 3077 6870 118 19 3034 7130 134
Oct 1000 461 3623 3077 6870 113 19 3034 7130 129
Nov 1000 461 3629 3077 6870 107 20 3034 7130 123
Dec 1003.25 460 3622 3077 6870 114 22 3034 7130 130
Jan 1003.25 455 3601 2869 6684 -65 35 3034 7130 151
Soybean,
US PNW		 Oct 1000 457 3594 3077 6870 142 10 3034 7130 158
Nov 1000 458 3603 3077 6870 133 11 3034 7130 149
Dec 1003.25 457 3595 3077 6870 141 22 3034 7130 157
Soybean,
 Brazil		 Sep 1000 462 3623 3077 6870 182 20 3034 7130 200
Oct 1000 463 3640 3077 6870 165 4 3034 7130 183
Nov 1000 464 3654 3077 6870 151 5 3034 7130 169
Dec 1003.25 464 3655 3077 6870 150 22 3034 7130 168
Jan 1003.25 437 3459 2869 6684 144 49 3034 7130 364
Feb 997.25 433 3429 2869 6684 174 51 3034 7130 394
Mar 997.25 425 3369 2869 6684 234 46 3034 7130 454
Apr 994.75 422 3343 2869 6684 260 18 3034 7130 480
May 994.75 422 3349 2869 6684 254 21 3034 7130 474
Jun 997 425 3369 2882 6550 218 3 3034 7130 454
Soybean, Argentina Sep 1000 449 3520 3077 6870 147 19 3034 7130 160
May 997 416 3301 2869 6684 169 16 3034 7130 379
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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