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Crush Margins for Imported Soybeans in China--10/19/2020

2020-10-19 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 1050 487 3748 3236 6910 121 13 3241 7335 206
Nov 1050 487 3756 3236 6910 113 13 3241 7335 198
Dec 1050.25 485 3751 3236 6910 118 12 3241 7335 203
Jan 1050.25 483 3737 3058 6714 -46 19 3241 7335 217
Soybean,
US PNW		 Oct 1050 483 3718 3236 6910 151 13 3241 7335 236
Nov 1050 483 3727 3236 6910 142 14 3241 7335 227
Dec 1050.25 481 3721 3236 6910 148 13 3241 7335 233
Jan 1050.25 479 3707 3058 6714 -16 21 3241 7335 247
Soybean,
 Brazil		 Oct 1050 502 3858 3236 6910 80 -14 3241 7335 169
Nov 1050 502 3870 3236 6910 68 -14 3241 7335 157
Dec 1050.25 502 3875 3236 6910 63 -16 3241 7335 152
Jan 1050.25 465 3601 3058 6714 158 18 3241 7335 426
Feb 1037.75 451 3514 3058 6714 245 6 3241 7335 513
Mar 1037.75 446 3472 3058 6714 287 6 3241 7335 555
Apr 1033.25 438 3417 3058 6714 342 1 3241 7335 610
May 1033.25 440 3431 3058 6714 328 1 3241 7335 596
Jun 1035.25 442 3445 3053 6562 279 15 3241 7335 582
Jul 1035.25 445 3464 3053 6562 260 16 3241 7335 563
Soybean, Argentina Oct 1050 481 3713 3236 6910 87 14 3241 7335 168
May 1035.25 437 3410 3058 6714 214 2 3241 7335 471
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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