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Crush Margins for Imported Soybeans in China--11/25/2020

2020-11-25 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 1191.25 522 3949 3163 7782 28 0 3167 8030 79
Dec 1191.25 522 3949 3163 7782 28 8 3167 8030 79
Jan 1191.25 521 3951 3239 7428 19 14 3167 8030 77
Feb 1193.25 521 3958 3239 7428 12 2 3167 8030 70
Soybean,
US PNW		 Nov 1191.25 519 3921 3163 7782 56 0 3167 8030 107
Dec 1191.25 519 3921 3163 7782 56 9 3167 8030 107
Jan 1191.25 517 3916 3239 7428 54 15 3167 8030 112
Feb 1193.25 518 3931 3239 7428 39 2 3167 8030 97
Soybean,
 Brazil		 Nov 1191.25 545 4116 3163 7782 -61 2 3167 8030 -8
Dec 1191.25 545 4119 3163 7782 -64 11 3167 8030 -11
Jan 1191.25 516 3908 3239 7428 136 15 3167 8030 200
Feb 1193.25 510 3879 3239 7428 165 3 3167 8030 229
Mar 1193.25 496 3795 3239 7428 249 3 3167 8030 313
Apr 1192 491 3758 3239 7428 286 3 3167 8030 350
May 1192 493 3770 3239 7428 274 3 3167 8030 338
Jun 1187.75 496 3794 3255 7138 205 2 3167 8030 314
Jul 1187.75 498 3808 3255 7138 191 3 3167 8030 300
Soybean, Argentina May 1187.75 495 3783 3239 7428 113 -1 3167 8030 164
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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