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Crush Margins for Imported Soybeans in China--11/20/2020

2020-11-20 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 1177.5 517 3907 3181 8022 130 53 3163 8260 161
Dec 1177.5 517 3916 3181 8022 121 52 3163 8260 152
Jan 1177.5 515 3911 3203 7622 68 51 3163 8260 157
Feb 1175.5 513 3892 3203 7622 87 49 3163 8260 176
Soybean,
US PNW		 Nov 1177.5 514 3880 3181 8022 157 52 3163 8260 188
Dec 1177.5 514 3889 3181 8022 148 51 3163 8260 179
Jan 1177.5 512 3884 3203 7622 95 63 3163 8260 184
Feb 1175.5 509 3865 3203 7622 114 66 3163 8260 203
Soybean,
 Brazil		 Nov 1177.5 540 4075 3181 8022 42 23 3163 8260 76
Dec 1177.5 540 4087 3181 8022 30 23 3163 8260 64
Jan 1177.5 511 3876 3203 7622 179 12 3163 8260 275
Feb 1175.5 504 3826 3203 7622 229 65 3163 8260 325
Mar 1175.5 490 3743 3203 7622 312 48 3163 8260 408
Apr 1173 484 3703 3203 7622 352 52 3163 8260 448
May 1173 486 3715 3203 7622 340 48 3163 8260 436
Jun 1167.75 489 3735 3213 7296 262 20 3163 8260 416
Jul 1167.75 491 3750 3213 7296 247 14 3163 8260 401
Soybean, Argentina May 1167.75 488 3730 3203 7622 172 24 3163 8260 256
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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