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Crush Margins for Imported Soybeans in China--11/16/2020

2020-11-16 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 1141.5 509 3849 3140 7694 93 38 3172 7900 158
Dec 1148 511 3876 3140 7694 66 24 3172 7900 131
Jan 1148 509 3869 3160 7300 14 36 3172 7900 138
Feb 1148 506 3850 3160 7300 33 51 3172 7900 157
Soybean,
US PNW		 Nov 1141.5 506 3829 3140 7694 113 45 3172 7900 178
Dec 1148 508 3850 3140 7694 92 51 3172 7900 157
Jan 1148 506 3847 3160 7300 36 53 3172 7900 160
Feb 1148 504 3834 3160 7300 49 48 3172 7900 173
Soybean,
 Brazil		 Nov 1141.5 527 3987 3140 7694 32 10 3172 7900 99
Dec 1148 529 4012 3140 7694 7 15 3172 7900 74
Jan 1148 498 3789 3160 7300 167 15 3172 7900 297
Feb 1148 500 3803 3160 7300 153 -29 3172 7900 283
Mar 1148 484 3707 3160 7300 249 32 3172 7900 379
Apr 1145.75 480 3673 3160 7300 283 25 3172 7900 413
May 1145.75 481 3680 3160 7300 276 25 3172 7900 406
Jun 1142 480 3676 3189 6990 241 25 3172 7900 410
Jul 1142 482 3688 3189 6990 229 30 3172 7900 398
Soybean, Argentina Nov 1141.5 515 3894 3140 7694 -28 13 3172 7900 34
May 1142 479 3667 3160 7300 143 14 3172 7900 261
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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