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Crush Margins for Imported Soybeans in China--10/9/2020

2020-10-09 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
Oct 1051 485 3742 3264 7030 172 38 3053 7050 9
Nov 1051 485 3750 3264 7030 164 37 3053 7050 1
Dec 1051.5 484 3744 3264 7030 170 37 3053 7050 7
Jan 1051.5 482 3731 2996 6838 -65 -17 3053 7050 20
Soybean,
US PNW
Oct 1051 482 3713 3264 7030 201 38 3053 7050 38
Nov 1051 482 3722 3264 7030 192 38 3053 7050 29
Dec 1051.5 480 3716 3264 7030 198 39 3053 7050 35
Jan 1051.5 478 3703 2996 6838 -37   3053 7050 48
Soybean,
 Brazil
Oct 1051 493 3798 3264 7030 187 1 3053 7050 24
Nov 1051 494 3813 3264 7030 172 1 3053 7050 9
Dec 1051.5 486 3762 3264 7030 223 55 3053 7050 60
Jan 1051.5 454 3521 2996 6838 213 53 3053 7050 301
Feb 1032.5 442 3449 2996 6838 285 103 3053 7050 373
Mar 1032.5 438 3416 2996 6838 318 74 3053 7050 406
Apr 1024.5 431 3367 2996 6838 367 107 3053 7050 455
May 1024.5 432 3375 2996 6838 359 105 3053 7050 447
Jun 1025.25 433 3377 2981 6732 324 108 3053 7050 445
Jul 1025.25 435 3397 2981 6732 304   3053 7050 425
Soybean, Argentina Oct 1051 470 3659 3264 7030 185   3053 7050 22
May 1025.25 428 3338 2996 6838 260 104 3053 7050 343
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%.