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Crush Margins for Imported Soybeans in China--10/30/2020

2020-10-30 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 1051.75 488 3753 3196 7330 165 55 3222 7570 231
Nov 1051.75 487 3748 3196 7330 170 54 3222 7570 236
Dec 1050.5 485 3739 3196 7330 179 56 3222 7570 245
Jan 1050.5 482 3723 3042 6948 0 48 3222 7570 261
Feb 1040.25 476 3680 3042 6948 43 40 3222 7570 304
Soybean,
US PNW		 Oct 1051.75 484 3724 3196 7330 194 54 3222 7570 260
Nov 1051.75 483 3718 3196 7330 200 60 3222 7570 266
Dec 1050.5 479 3695 3196 7330 223 51 3222 7570 289
Jan 1050.5 478 3694 3042 6948 29 48 3222 7570 290
Feb 1040.25 472 3652 3042 6948 71 39 3222 7570 332
Soybean,
 Brazil		 Oct 1051.75 502 3859 3196 7330 132 57 3222 7570 200
Nov 1051.75 502 3864 3196 7330 127 56 3222 7570 195
Dec 1050.5 501 3864 3196 7330 127 53 3222 7570 195
Jan 1050.5 471 3646 3042 6948 147 49 3222 7570 413
Feb 1040.25 463 3587 3042 6948 206 41 3222 7570 472
Mar 1040.25 449 3499 3042 6948 294 52 3222 7570 560
Apr 1036.25 444 3459 3042 6948 334 38 3222 7570 600
May 1036.25 445 3470 3042 6948 323 38 3222 7570 589
Jun 1034.75 447 3480 3065 6748 291 36 3222 7570 579
Jul 1034.75 448 3491 3065 6748 280 48 3222 7570 568
Soybean, Argentina Oct 1051.75 483 3715 3196 7330 129 53 3222 7570 193
May 1034.75 436 3398 3042 6948 256 36 3222 7570 510
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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