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Crush Margins for Imported Soybeans in China--11/4/2020

2020-11-04 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 1059 488 3764 3196 7388 165 -12 3213 7670 232
Dec 1064.25 488 3771 3196 7388 158 -22 3213 7670 225
Jan 1064.25 486 3760 3058 6950 -24 -33 3213 7670 236
Feb 1057.75 481 3727 3058 6950 9 -34 3213 7670 269
Soybean,
US PNW		 Nov 1059 485 3740 3196 7388 189 -12 3213 7670 256
Dec 1064.25 483 3728 3196 7388 201 -23 3213 7670 268
Jan 1064.25 482 3728 3058 6950 8 -33 3213 7670 268
Feb 1057.75 477 3696 3058 6950 40 -34 3213 7670 300
Soybean,
 Brazil		 Nov 1059 505 3889 3196 7388 113 -13 3213 7670 183
Dec 1064.25 506 3905 3196 7388 97 -23 3213 7670 167
Jan 1064.25 476 3682 3058 6950 124 -31 3213 7670 390
Feb 1057.75 467 3614 3058 6950 192 -33 3213 7670 458
Mar 1057.75 453 3531 3058 6950 275 -32 3213 7670 541
Apr 1054.75 448 3496 3058 6950 310 -30 3213 7670 576
May 1054.75 450 3507 3058 6950 299 -30 3213 7670 565
Jun 1053.75 452 3524 3082 6716 254 -30 3213 7670 548
Jul 1053.75 453 3530 3082 6716 248 -30 3213 7670 542
Soybean, Argentina Nov 1059 485 3740 3196 7388 115 -13 3213 7670 179
May 1053.75 444 3465 3058 6950 202 -42 3213 7670 454
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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