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Crush Margins for Imported Soybeans in China--10/27/2020

2020-10-27 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 1087.75 501 3859 3255 7306 101 -30 3268 7620 171
Nov 1087.75 501 3859 3255 7306 101 -30 3268 7620 171
Dec 1083.5 497 3837 3255 7306 123 -22 3268 7620 193
Jan 1083.5 494 3818 3103 7012 -34 5 3268 7620 212
Feb 1069 486 3762 3103 7012 22 -5 3268 7620 268
Soybean,
US PNW		 Oct 1087.75 497 3829 3255 7306 131 -29 3268 7620 201
Nov 1087.75 497 3829 3255 7306 131 -29 3268 7620 201
Dec 1083.5 492 3793 3255 7306 167 -21 3268 7620 237
Jan 1083.5 490 3788 3103 7012 -4 -8 3268 7620 242
Feb 1069 483 3734 3103 7012 50 3 3268 7620 296
Soybean,
 Brazil		 Oct 1087.75 515 3965 3255 7306 68 -30 3268 7620 141
Nov 1087.75 515 3969 3255 7306 64 -30 3268 7620 137
Dec 1083.5 513 3957 3255 7306 76 -22 3268 7620 149
Jan 1083.5 483 3740 3103 7012 114 -8 3268 7620 366
Feb 1069 477 3694 3103 7012 160 8 3268 7620 412
Mar 1069 459 3579 3103 7012 275 -6 3268 7620 527
Apr 1061.5 451 3518 3103 7012 336 -1 3268 7620 588
May 1061.5 452 3520 3103 7012 334 0 3268 7620 586
Jun 1058 453 3530 3114 6826 295 9 3268 7620 576
Jul 1058 455 3547 3114 6826 278 9 3268 7620 559
Soybean, Argentina Oct 1087.75 498 3837 3255 7306 50 -30 3268 7620 116
May 1058 446 3476 3103 7012 238 5 3268 7620 477
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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