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Crush Margins for Imported Soybeans in China--11/30/2020

2020-11-30 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		 Dec 1191.75 523 3945 3170 7842 49 -19 3147 8080 76
Jan 1191.75 522 3946 3239 7446 28 -3 3147 8080 75
Feb 1192.75 521 3950 3239 7446 24 -2 3147 8080 71
Soybean,
US PNW		 Dec 1191.75 519 3918 3170 7842 76 -20 3147 8080 103
Jan 1191.75 517 3912 3239 7446 62 -4 3147 8080 109
Feb 1192.75 517 3923 3239 7446 51 -1 3147 8080 98
Soybean,
 Brazil		 Dec 1191.75 545 4115 3170 7842 -42 -19 3147 8080 -13
Jan 1191.75 516 3903 3239 7446 145 -3 3147 8080 199
Feb 1192.75 510 3871 3239 7446 177 -1 3147 8080 231
Mar 1192.75 495 3783 3239 7446 265 -2 3147 8080 319
Apr 1191 491 3751 3239 7446 297 -2 3147 8080 351
May 1191 493 3763 3239 7446 285 -2 3147 8080 339
Jun 1186.75 495 3781 3266 7158 231 4 3147 8080 321
Jul 1186.75 498 3801 3266 7158 211 5 3147 8080 301
Soybean, Argentina May 1186.75 494 3775 3239 7446 124 -3 3147 8080 166
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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