Crush Margins for Imported Soybeans in China--9/28/2020

2020-09-28 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	Sep	1002.5	462	3629	3107	6986	153	35	3031	7150	124
	Oct	1002.5	462	3635	3107	6986	147	34	3031	7150	118
	Nov	1002.5	462	3642	3107	6986	140	33	3031	7150	111
	Dec	1006.25	461	3636	3107	6986	146	32	3031	7150	117
	Jan	1006.25	456	3615	2906	6812	-25	40	3031	7150	138
Soybean, US PNW	Oct	1002.5	458	3606	3107	6986	176	34	3031	7150	147
	Nov	1002.5	459	3616	3107	6986	166	33	3031	7150	137
	Dec	1006.25	458	3609	3107	6986	173	32	3031	7150	144
Soybean, Brazil	Sep	1002.5	463	3635	3107	6986	217	35	3031	7150	189
	Oct	1002.5	464	3652	3107	6986	200	35	3031	7150	172
	Nov	1002.5	465	3666	3107	6986	186	35	3031	7150	158
	Dec	1006.25	466	3669	3107	6986	183	33	3031	7150	155
	Jan	1006.25	438	3473	2906	6812	185	41	3031	7150	351
	Feb	1001.25	434	3445	2906	6812	213	39	3031	7150	379
	Mar	1001.25	426	3383	2906	6812	275	41	3031	7150	441
	Apr	999.5	423	3362	2906	6812	296	36	3031	7150	462
	May	999.5	424	3368	2906	6812	290	36	3031	7150	456
	Jun	1002	427	3389	2930	6692	264	46	3031	7150	435
Soybean, Argentina	Sep	1002.5	450	3531	3107	6986	181	34	3031	7150	150
Soybean, Argentina	May	1002	419	3328	2906	6812	194	25	3031	7150	353
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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