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Crush Margins for Imported Soybeans in China--10/20/2020

2020-10-20 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 1054.25 488 3752 3273 6862 137 16 3232 7200 169
Nov 1054.25 488 3760 3273 6862 129 16 3232 7200 161
Dec 1054 487 3753 3273 6862 136 18 3232 7200 168
Jan 1054 483 3725 3107 6642 -8 38 3232 7200 196
Soybean,
US PNW		 Oct 1054.25 485 3723 3273 6862 166 15 3232 7200 198
Nov 1054.25 485 3731 3273 6862 158 16 3232 7200 190
Dec 1054 481 3709 3273 6862 180 32 3232 7200 212
Jan 1054 479 3696 3107 6642 21 37 3232 7200 225
Soybean,
 Brazil		 Oct 1054.25 506 3884 3273 6862 74 -6 3232 7200 109
Nov 1054.25 507 3896 3273 6862 62 -6 3232 7200 97
Dec 1054 506 3899 3273 6862 59 -4 3232 7200 94
Jan 1054 467 3603 3107 6642 180 22 3232 7200 390
Feb 1042.25 453 3519 3107 6642 264 19 3232 7200 474
Mar 1042.25 448 3485 3107 6642 298 11 3232 7200 508
Apr 1037.5 440 3421 3107 6642 362 20 3232 7200 572
May 1037.5 442 3435 3107 6642 348 20 3232 7200 558
Jun 1039.5 444 3454 3120 6506 312 33 3232 7200 539
Jul 1039.5 447 3477 3120 6506 289 29 3232 7200 516
Soybean, Argentina Oct 1054.25 486 3739 3273 6862 82 -5 3232 7200 110
May 1039.5 439 3415 3107 6642 235 21 3232 7200 434
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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