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Crush Margins for Imported Soybeans in China--11/26/2020

2020-11-26 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 1184 520 3920 3169 7814 68 40 3156 8120 116
Dec 1184 520 3920 3169 7814 68 40 3156 8120 116
Jan 1184 519 3922 3222 7410 31 12 3156 8120 114
Feb 1185.75 518 3927 3222 7410 26 14 3156 8120 109
Soybean,
US PNW		 Nov 1184 516 3892 3169 7814 96 40 3156 8120 144
Dec 1184 516 3892 3169 7814 96 40 3156 8120 144
Jan 1184 514 3887 3222 7410 66 12 3156 8120 149
Feb 1185.75 515 3901 3222 7410 52 13 3156 8120 135
Soybean,
 Brazil		 Nov 1184 542 4087 3169 7814 -21 40 3156 8120 30
Dec 1184 543 4089 3169 7814 -23 41 3156 8120 28
Jan 1184 513 3879 3222 7410 148 12 3156 8120 238
Feb 1185.75 508 3849 3222 7410 178 13 3156 8120 268
Mar 1185.75 493 3760 3222 7410 267 18 3156 8120 357
Apr 1184 488 3728 3222 7410 299 13 3156 8120 389
May 1184 490 3740 3222 7410 287 13 3156 8120 377
Jun 1179.75 492 3757 3239 7124 227 22 3156 8120 360
Jul 1179.75 495 3778 3239 7124 206 15 3156 8120 339
Soybean, Argentina May 1179.75 492 3752 3222 7410 127 14 3156 8120 203
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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