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%. |