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Crush Margins for Imported Soybeans in China--10/21/2020

2020-10-21 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 1064 492 3766 3300 7030 177 40 3267 7290 200
Nov 1064 492 3775 3300 7030 168 39 3267 7290 191
Dec 1063.75 490 3768 3300 7030 175 39 3267 7290 198
Jan 1063.75 486 3740 3110 6818 12 20 3267 7290 226
Soybean,
US PNW		 Oct 1064 488 3737 3300 7030 206 40 3267 7290 229
Nov 1064 488 3745 3300 7030 198 40 3267 7290 221
Dec 1063.75 484 3724 3300 7030 219 39 3267 7290 242
Jan 1063.75 483 3710 3110 6818 42 21 3267 7290 256
Soybean,
 Brazil		 Oct 1064 510 3898 3300 7030 115 41 3267 7290 141
Nov 1064 510 3910 3300 7030 103 41 3267 7290 129
Dec 1063.75 509 3913 3300 7030 100 41 3267 7290 126
Jan 1063.75 470 3618 3110 6818 203 23 3267 7290 421
Feb 1053 457 3537 3110 6818 284 20 3267 7290 502
Mar 1053 452 3504 3110 6818 317 19 3267 7290 535
Apr 1048.75 444 3441 3110 6818 380 18 3267 7290 598
May 1048.75 446 3455 3110 6818 366 18 3267 7290 584
Jun 1049.75 448 3472 3110 6664 318 6 3267 7290 567
Jul 1049.75 451 3494 3110 6664 296 7 3267 7290 545
Soybean, Argentina Oct 1064 489 3754 3300 7030 118 36 3267 7290 139
May 1049.75 443 3432 3110 6818 252 17 3267 7290 461
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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