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Crush Margins for Imported Soybeans in China--11/23/2020

2020-11-23 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 1181 519 3904 3216 7840 126 -4 3179 8220 169
Dec 1181 519 3912 3216 7840 118 -3 3179 8220 161
Jan 1181 518 3914 3264 7474 85 17 3179 8220 159
Feb 1181.25 517 3907 3264 7474 92 5 3179 8220 166
Soybean,
US PNW		 Nov 1181 515 3876 3216 7840 154 -3 3179 8220 197
Dec 1181 515 3884 3216 7840 146 -2 3179 8220 189
Jan 1181 513 3880 3264 7474 119 24 3179 8220 193
Feb 1181.25 513 3880 3264 7474 119 5 3179 8220 193
Soybean,
 Brazil		 Nov 1181 541 4070 3216 7840 39 -3 3179 8220 85
Dec 1181 542 4081 3216 7840 28 -2 3179 8220 74
Jan 1181 512 3871 3264 7474 202 23 3179 8220 284
Feb 1181.25 506 3828 3264 7474 245 16 3179 8220 327
Mar 1181.25 492 3745 3264 7474 328 16 3179 8220 410
Apr 1179.5 487 3708 3264 7474 365 13 3179 8220 447
May 1179.5 488 3720 3264 7474 353 13 3179 8220 435
Jun 1173.75 491 3739 3271 7170 279 17 3179 8220 416
Jul 1173.75 493 3753 3271 7170 265 18 3179 8220 402
Soybean, Argentina May 1173.75 490 3733 3264 7474 191 19 3179 8220 258
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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