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Crush Margins for Imported Soybeans in China--11/19/2020

2020-11-19 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 1175.75 521 3925 3152 7956 77 26 3173 8120 124
Dec 1175.75 521 3933 3152 7956 69 26 3173 8120 116
Jan 1175.75 518 3926 3167 7586 17 15 3173 8120 123
Feb 1174.75 516 3905 3167 7586 38 13 3173 8120 144
Soybean,
US PNW		 Nov 1175.75 517 3897 3152 7956 105 26 3173 8120 152
Dec 1175.75 517 3905 3152 7956 97 26 3173 8120 144
Jan 1175.75 516 3911 3167 7586 32 15 3173 8120 138
Feb 1174.75 514 3895 3167 7586 48 14 3173 8120 154
Soybean,
 Brazil		 Nov 1175.75 539 4062 3152 7956 19 28 3173 8120 69
Dec 1175.75 540 4074 3152 7956 7 27 3173 8120 57
Jan 1175.75 508 3852 3167 7586 167 16 3173 8120 279
Feb 1174.75 509 3855 3167 7586 164 15 3173 8120 276
Mar 1174.75 492 3755 3167 7586 264 14 3173 8120 376
Apr 1172 488 3719 3167 7586 300 12 3173 8120 412
May 1172 489 3727 3167 7586 292 11 3173 8120 404
Jun 1167.25 488 3720 3177 7262 242 -3 3173 8120 411
Jul 1167.25 489 3729 3177 7262 233 -3 3173 8120 402
Soybean, Argentina Nov 1175.75 527 3975 3152 7956 -53 24 3173 8120 -7
May 1167.25 488 3719 3167 7586 148 7 3173 8120 249
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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