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Crush Margins for Imported Soybeans in China--11/10/2020

2020-11-10 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 1105 500 3799 3184 7442 130 -58 3230 7750 225
Dec 1110.5 499 3801 3184 7442 128 -66 3230 7750 223
Jan 1110.5 497 3793 3116 7150 27 -50 3230 7750 231
Feb 1108.75 496 3783 3116 7150 37 -51 3230 7750 241
Soybean,
US PNW		 Nov 1105 499 3789 3184 7442 140 -74 3230 7750 235
Dec 1110.5 500 3810 3184 7442 119 -84 3230 7750 214
Jan 1110.5 498 3799 3116 7150 21 -50 3230 7750 225
Feb 1108.75 494 3767 3116 7150 53 -40 3230 7750 257
Soybean,
 Brazil		 Nov 1105 518 3930 3184 7442 74 -80 3230 7750 172
Dec 1110.5 519 3951 3184 7442 53 -88 3230 7750 151
Jan 1110.5 489 3729 3116 7150 163 -33 3230 7750 373
Feb 1108.75 485 3702 3116 7150 190 -58 3230 7750 400
Mar 1108.75 472 3627 3116 7150 265 -65 3230 7750 475
Apr 1106.5 466 3584 3116 7150 308 -62 3230 7750 518
May 1106.5 469 3602 3116 7150 290 -59 3230 7750 500
Jun 1102.75 468 3596 3126 6822 238 -51 3230 7750 506
Jul 1102.75 471 3619 3126 6822 215 -51 3230 7750 483
Soybean, Argentina Nov 1105 502 3814 3184 7442 41 -78 3230 7750 133
May 1102.75 465 3572 3116 7150 177 -43 3230 7750 375
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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