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Crush Margins for Imported Soybeans in China--11/6/2020

2020-11-06 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 1101.75 502 3816 3275 7546 205 -3 3285 7740 250
Dec 1103.75 500 3807 3275 7546 214 12 3285 7740 259
Jan 1103.75 496 3786 3163 7160 73 29 3285 7740 280
Feb 1098 493 3764 3163 7160 95 28 3285 7740 302
Soybean,
US PNW		 Nov 1101.75 498 3790 3275 7546 231 -3 3285 7740 276
Dec 1103.75 498 3797 3275 7546 224 12 3285 7740 269
Jan 1103.75 496 3792 3163 7160 67 29 3285 7740 274
Feb 1098 492 3759 3163 7160 100 28 3285 7740 307
Soybean,
 Brazil		 Nov 1101.75 516 3925 3275 7546 171 -1 3285 7740 218
Dec 1103.75 517 3935 3275 7546 161 14 3285 7740 208
Jan 1103.75 489 3738 3163 7160 193 32 3285 7740 405
Feb 1098 481 3676 3163 7160 255 29 3285 7740 467
Mar 1098 467 3593 3163 7160 338 30 3285 7740 550
Apr 1093.75 461 3548 3163 7160 383 29 3285 7740 595
May 1093.75 464 3569 3163 7160 362 30 3285 7740 574
Jun 1091 463 3565 3168 6850 308 27 3285 7740 578
Jul 1091 466 3588 3168 6850 285 28 3285 7740 555
Soybean, Argentina Nov 1101.75 501 3809 3275 7546 137 -5 3285 7740 179
May 1091 462 3553 3163 7160 235 27 3285 7740 435
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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