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Crush Margins for Imported Soybeans in China--11/5/2020

2020-11-05 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 1079 493 3770 3270 7340 208 43 3229 7730 250
Dec 1086.25 493 3776 3270 7340 202 44 3229 7730 244
Jan 1086.25 489 3753 3125 6991 44 68 3229 7730 267
Feb 1079.75 486 3730 3125 6991 67 58 3229 7730 290
Soybean,
US PNW		 Nov 1079 490 3744 3270 7340 234 45 3229 7730 276
Dec 1086.25 492 3766 3270 7340 212 11 3229 7730 254
Jan 1086.25 490 3759 3125 6991 38 30 3229 7730 261
Feb 1079.75 485 3725 3125 6991 72 32 3229 7730 295
Soybean,
 Brazil		 Nov 1079 508 3879 3270 7340 172 59 3229 7730 218
Dec 1086.25 510 3904 3270 7340 147 50 3229 7730 193
Jan 1086.25 483 3706 3125 6991 161 37 3229 7730 391
Feb 1079.75 474 3641 3125 6991 226 34 3229 7730 456
Mar 1079.75 460 3559 3125 6991 308 33 3229 7730 538
Apr 1075.5 454 3513 3125 6991 354 44 3229 7730 584
May 1075.5 457 3535 3125 6991 332 33 3229 7730 562
Jun 1073 457 3531 3127 6708 281 27 3229 7730 566
Jul 1073 460 3555 3127 6708 257 9 3229 7730 542
Soybean, Argentina Nov 1079 493 3763 3270 7340 142 27 3229 7730 179
May 1073 455 3519 3125 6991 208 6 3229 7730 423
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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