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Crush Margins for Imported Soybeans in China--10/12/2020

2020-10-12 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 1065.5 491 3792 3270 7196 159 -13 3213 7340 141
Nov 1065.5 491 3799 3270 7196 152 -12 3213 7340 134
Dec 1065.75 489 3793 3270 7196 158 -12 3213 7340 140
Jan 1065.75 487 3779 3057 6972 -39 26 3213 7340 154
Soybean,
US PNW		 Oct 1065.5 487 3763 3270 7196 188 -13 3213 7340 170
Nov 1065.5 487 3770 3270 7196 181 -11 3213 7340 163
Dec 1065.75 485 3764 3270 7196 187 -11 3213 7340 169
Jan 1065.75 484 3751 3057 6972 -11 26 3213 7340 182
Soybean,
 Brazil		 Oct 1065.5 498 3848 3270 7196 175 -12 3213 7340 158
Nov 1065.5 499 3862 3270 7196 161 -11 3213 7340 144
Dec 1065.75 491 3810 3270 7196 213 -10 3213 7340 196
Jan 1065.75 460 3568 3057 6972 241 28 3213 7340 438
Feb 1048.25 448 3501 3057 6972 308 23 3213 7340 505
Mar 1048.25 444 3468 3057 6972 341 23 3213 7340 538
Apr 1043.75 438 3428 3057 6972 381 14 3213 7340 578
May 1043.75 440 3437 3057 6972 372 13 3213 7340 569
Jun 1045.25 440 3441 3036 6828 323 -1 3213 7340 565
Jul 1045.25 443 3461 3036 6828 303 -1 3213 7340 545
Soybean, Argentina Oct 1065.5 475 3673 3270 7196 206 21 3213 7340 186
May 1045.25 435 3401 3057 6972 269 9 3213 7340 458
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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