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Crush Margins for Imported Soybeans in China--10/26/2020

2020-10-26 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 1083.75 499 3832 3269 7268 131 5 3247 7480 154
Nov 1083.75 499 3832 3269 7268 131 5 3247 7480 154
Dec 1081 496 3818 3269 7268 145 10 3247 7480 168
Jan 1081 495 3812 3097 6982 -39 4 3247 7480 174
Feb 1067.5 486 3746 3097 6982 27 7 3247 7480 240
Soybean,
US PNW		 Oct 1083.75 495 3803 3269 7268 160 4 3247 7480 183
Nov 1083.75 495 3803 3269 7268 160 4 3247 7480 183
Dec 1081 491 3775 3269 7268 188 9 3247 7480 211
Jan 1081 489 3769 3097 6982 4 10 3247 7480 217
Feb 1067.5 483 3726 3097 6982 47 10 3247 7480 260
Soybean,
 Brazil		 Oct 1083.75 513 3938 3269 7268 98 7 3247 7480 123
Nov 1083.75 514 3942 3269 7268 94 6 3247 7480 119
Dec 1081 512 3938 3269 7268 98 12 3247 7480 123
Jan 1081 482 3721 3097 6982 122   3247 7480 340
Feb 1067.5 479 3691 3097 6982 152 7 3247 7480 370
Mar 1067.5 459 3562 3097 6982 281 -17 3247 7480 499
Apr 1061.5 451 3506 3097 6982 337 -9 3247 7480 555
May 1061.5 452 3509 3097 6982 334 -17 3247 7480 552
Jun 1059.75 454 3523 3100 6798 286 -6 3247 7480 538
Jul 1059.75 456 3540 3100 6798 269 -23 3247 7480 521
Soybean, Argentina Oct 1083.75 496 3811 3269 7268 80 4 3247 7480 101
May 1059.75 446 3470 3097 6982 233 -5 3247 7480 442
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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