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

2020-11-11 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 1138.25 512 3882 3249 7596 128 -2 3180 7760 105
Dec 1146 512 3889 3249 7596 121 -7 3180 7760 98
Jan 1146 510 3882 3191 7256 18 -9 3180 7760 105
Feb 1144 509 3871 3191 7256 29 -8 3180 7760 116
Soybean,
US PNW		 Nov 1138.25 511 3872 3249 7596 138 -2 3180 7760 115
Dec 1146 513 3899 3249 7596 111 -8 3180 7760 88
Jan 1146 510 3880 3191 7256 20 -1 3180 7760 107
Feb 1144 506 3853 3191 7256 47 -6 3180 7760 134
Soybean,
 Brazil		 Nov 1138.25 530 4012 3249 7596 74 0 3180 7760 52
Dec 1146 532 4039 3249 7596 47 -6 3180 7760 25
Jan 1146 499 3799 3191 7256 173 10 3180 7760 265
Feb 1144 496 3775 3191 7256 197 7 3180 7760 289
Mar 1144 485 3715 3191 7256 257 -8 3180 7760 349
Apr 1141.5 479 3672 3191 7256 300 -8 3180 7760 392
May 1141.5 481 3690 3191 7256 282 -8 3180 7760 374
Jun 1136.25 480 3679 3195 6930 231 -7 3180 7760 385
Jul 1136.25 483 3702 3195 6930 208 -7 3180 7760 362
Soybean, Argentina Nov 1138.25 514 3896 3249 7596 38 -3 3180 7760 13
May 1136.25 477 3656 3191 7256 171 -6 3180 7760 253
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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