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Crush Margins for Imported Soybeans in China--10/22/2020

2020-10-22 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 1072 495 3785 3290 6998 144 -33 3277 7380 206
Nov 1072 495 3793 3290 6998 136 -32 3277 7380 198
Dec 1071.5 493 3785 3290 6998 144 -31 3277 7380 206
Jan 1071.5 489 3758 3094 6784 -25 -37 3277 7380 233
Soybean,
US PNW		 Oct 1072 491 3756 3290 6998 173 -33 3277 7380 235
Nov 1072 491 3763 3290 6998 166 -32 3277 7380 228
Dec 1071.5 487 3742 3290 6998 187 -32 3277 7380 249
Jan 1071.5 485 3728 3094 6784 5 -37 3277 7380 263
Soybean,
 Brazil		 Oct 1072 513 3916 3290 6998 83 -32 3277 7380 149
Nov 1072 513 3928 3290 6998 71 -32 3277 7380 137
Dec 1071.5 512 3931 3290 6998 68 -32 3277 7380 134
Jan 1071.5 473 3636 3094 6784 165 -38 3277 7380 429
Feb 1058.75 459 3549 3094 6784 252 -32 3277 7380 516
Mar 1058.75 454 3516 3094 6784 285 -32 3277 7380 549
Apr 1055 446 3455 3094 6784 346 -34 3277 7380 610
May 1055 448 3469 3094 6784 332 -34 3277 7380 596
Jun 1055.75 450 3485 3091 6634 284 -34 3277 7380 580
Jul 1055.75 453 3507 3091 6634 262 -34 3277 7380 558
Soybean, Argentina Oct 1072 492 3771 3290 6998 88 -30 3277 7380 146
May 1055.75 445 3445 3094 6784 220 -32 3277 7380 472
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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