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Crush Margins for Imported Soybeans in China--11/2/2020

2020-11-02 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		 Nov 1056.5 489 3756 3193 7168 128 -42 3222 7540 222
Dec 1056.25 487 3749 3193 7168 135 -44 3222 7540 229
Jan 1056.25 484 3734 3046 6812 -33 -33 3222 7540 244
Feb 1048 479 3696 3046 6812 5 -38 3222 7540 282
Soybean,
US PNW		 Nov 1056.5 485 3726 3193 7168 158 -42 3222 7540 252
Dec 1056.25 481 3705 3193 7168 179 -44 3222 7540 273
Jan 1056.25 480 3705 3046 6812 -4 -33 3222 7540 273
Feb 1048 475 3668 3046 6812 33 -38 3222 7540 310
Soybean,
 Brazil		 Nov 1056.5 504 3872 3193 7168 84 -43 3222 7540 181
Dec 1056.25 503 3874 3193 7168 82 -45 3222 7540 179
Jan 1056.25 473 3656 3046 6812 113 -34 3222 7540 397
Feb 1048 466 3603 3046 6812 166 -40 3222 7540 450
Mar 1048 452 3515 3046 6812 254 -40 3222 7540 538
Apr 1044.75 447 3477 3046 6812 292 -42 3222 7540 576
May 1044.75 448 3488 3046 6812 281 -42 3222 7540 565
Jun 1043.25 450 3498 3067 6610 247 -44 3222 7540 555
Jul 1043.25 450 3501 3067 6610 244 -36 3222 7540 552
Soybean, Argentina Nov 1056.5 484 3724 3193 7168 89 -40 3222 7540 179
May 1043.25 439 3416 3046 6812 217 -39 3222 7540 487
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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