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Crush Margins for Imported Soybeans in China--9/30/2020

2020-09-30 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 993 459 3596 3087 6826 140 5 3040 7200 174
Oct 993 459 3602 3087 6826 134 5 3040 7200 168
Nov 993 459 3609 3087 6826 127 5 3040 7200 161
Dec 997 458 3603 3087 6826 133 5 3040 7200 167
Jan 997 453 3582 2886 6598 -48 -9 3040 7200 188
Soybean,
US PNW		 Oct 993 455 3573 3087 6826 163 5 3040 7200 197
Nov 993 455 3582 3087 6826 154 6 3040 7200 188
Dec 997 454 3577 3087 6826 159 5 3040 7200 193
Soybean,
 Brazil		 Sep 993 460 3602 3087 6826 202 3 3040 7200 240
Oct 993 461 3618 3087 6826 186 3 3040 7200 224
Nov 993 462 3633 3087 6826 171 4 3040 7200 209
Dec 997 462 3636 3087 6826 168 3 3040 7200 206
Jan 997 434 3440 2886 6598 160 -11 3040 7200 402
Feb 993.75 431 3418 2886 6598 182 -13 3040 7200 424
Mar 993.75 423 3356 2886 6598 244 -13 3040 7200 486
Apr 993.75 421 3340 2886 6598 260 -14 3040 7200 502
May 993.75 422 3346 2886 6598 254 -14 3040 7200 496
Jun 998.5 426 3373 2902 6482 216 -21 3040 7200 469
Soybean, Argentina Sep 993 446 3499 3087 6826 168 4 3040 7200 199
May 998.5 418 3312 2886 6598 156 -14 3040 7200 386
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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