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Crush Margins for Imported Soybeans in China--11/24/2020

2020-11-24 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 1191.5 522 3946 3195 7630 28 -98 3211 8050 120
Dec 1191.5 522 3954 3195 7630 20 -98 3211 8050 112
Jan 1191.5 522 3957 3252 7332 5 -80 3211 8050 109
Feb 1192.5 521 3952 3252 7332 10 -82 3211 8050 114
Soybean,
US PNW		 Nov 1191.5 519 3918 3195 7630 56 -98 3211 8050 148
Dec 1191.5 519 3927 3195 7630 47 -99 3211 8050 139
Jan 1191.5 517 3923 3252 7332 39 -80 3211 8050 143
Feb 1192.5 517 3925 3252 7332 37 -82 3211 8050 141
Soybean,
 Brazil		 Nov 1191.5 545 4113 3195 7630 -63 -102 3211 8050 34
Dec 1191.5 545 4125 3195 7630 -75 -103 3211 8050 22
Jan 1191.5 516 3914 3252 7332 121 -81 3211 8050 233
Feb 1192.5 510 3873 3252 7332 162 -83 3211 8050 274
Mar 1192.5 496 3789 3252 7332 246 -82 3211 8050 358
Apr 1191 491 3752 3252 7332 283 -82 3211 8050 395
May 1191 493 3764 3252 7332 271 -82 3211 8050 383
Jun 1186.25 495 3786 3261 7066 203 -76 3211 8050 361
Jul 1186.25 497 3801 3261 7066 188 -77 3211 8050 346
Soybean, Argentina May 1186.25 494 3775 3252 7332 114 -77 3211 8050 211
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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