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Crush Margins for Imported Soybeans in China--11/3/2020

2020-11-03 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 1050.75 485 3731 3192 7296 177 49 3208 7480 225
Dec 1052.25 484 3728 3192 7296 180 45 3208 7480 228
Jan 1052.25 481 3716 3055 6904 9 42 3208 7480 240
Feb 1045.25 477 3682 3055 6904 43 38 3208 7480 274
Soybean,
US PNW		 Nov 1050.75 482 3707 3192 7296 201 43 3208 7480 249
Dec 1052.25 478 3684 3192 7296 224 45 3208 7480 272
Jan 1052.25 477 3684 3055 6904 41 45 3208 7480 272
Feb 1045.25 473 3651 3055 6904 74 41 3208 7480 305
Soybean,
 Brazil		 Nov 1050.75 502 3855 3192 7296 126 42 3208 7480 175
Dec 1052.25 502 3861 3192 7296 120 38 3208 7480 169
Jan 1052.25 471 3639 3055 6904 155 42 3208 7480 391
Feb 1045.25 462 3569 3055 6904 225 59 3208 7480 461
Mar 1045.25 448 3487 3055 6904 307 53 3208 7480 543
Apr 1042.75 444 3454 3055 6904 340 48 3208 7480 576
May 1042.75 445 3465 3055 6904 329 48 3208 7480 565
Jun 1042 448 3482 3082 6654 284 37 3208 7480 548
Jul 1042 448 3488 3082 6654 278 34 3208 7480 542
Soybean, Argentina Nov 1050.75 482 3707 3192 7296 128 39 3208 7480 174
May 1042 438 3412 3055 6904 244 27 3208 7480 469
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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