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Crush Margins for Imported Soybeans in China--10/23/2020

2020-10-23 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 1073.75 496 3804 3256 7144 126 -18 3286 7510 219
Nov 1073.75 496 3804 3256 7144 126 -10 3286 7510 219
Dec 1072.25 493 3795 3256 7144 135 -9 3286 7510 228
Jan 1072.25 491 3787 3084 6880 -43 -18 3286 7510 236
Feb 1058.75 483 3724 3084 6880 20   3286 7510 299
Soybean,
US PNW		 Oct 1073.75 492 3774 3256 7144 156 -17 3286 7510 249
Nov 1073.75 492 3774 3256 7144 156 -10 3286 7510 249
Dec 1072.25 487 3751 3256 7144 179 -8 3286 7510 272
Jan 1072.25 486 3750 3084 6880 -6 -11 3286 7510 273
Feb 1058.75 481 3707 3084 6880 37   3286 7510 316
Soybean,
 Brazil		 Oct 1073.75 510 3910 3256 7144 91 8 3286 7510 188
Nov 1073.75 510 3913 3256 7144 88 17 3286 7510 185
Dec 1072.25 509 3915 3256 7144 86 18 3286 7510 183
Feb 1058.75 475 3667 3084 6880 145 -107 3286 7510 431
Mar 1058.75 455 3514 3084 6880 298 13 3286 7510 584
Apr 1055 449 3466 3084 6880 346 0 3286 7510 632
May 1055 448 3461 3084 6880 351 19 3286 7510 637
Jun 1055.75 452 3491 3089 6714 292 8 3286 7510 607
Jul 1055.75 452 3491 3089 6714 292 30 3286 7510 607
Soybean, Argentina Oct 1073.75 493 3782 3256 7144 76 -12 3286 7510 166
May 1055.75 445 3437 3084 6880 238 18 3286 7510 511
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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