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Crush Margins for Imported Soybeans in China--12/29/2020

2020-12-29 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 1255.25 539 4045 3213 8590 125 27 3249 8610 158
Jan 1255.25 537 4031 3284 7756 37 5 3249 8610 172
Feb 1257.25 536 4030 3284 7756 38 0 3249 8610 173
Soybean,
US PNW		 Dec 1255.25 532 3989 3213 8590 181 27 3249 8610 214
Jan 1255.25 532 3989 3284 7756 79 3 3249 8610 214
Feb 1257.25 532 3996 3284 7756 72 0 3249 8610 207
Oct 1084.75 479 3618 3312 7170 361 3 3249 8610 585
Soybean,
 Brazil		 Jan 1257.25 538 4036 3284 7756 110 0 3249 8610 253
Feb 1257.25 522 3927 3284 7756 219 -1 3249 8610 362
Mar 1257.25 514 3873 3284 7756 273 1 3249 8610 416
Apr 1255.25 514 3872 3284 7756 274 21 3249 8610 417
May 1255.25 515 3881 3284 7756 265 30 3249 8610 408
Jun 1249.25 519 3907 3340 7272 186 23 3249 8610 382
Jul 1249.25 522 3929 3340 7272 164 17 3249 8610 360
Soybean, Argentina May 1249.25 517 3895 3284 7756 95 24 3249 8610 222
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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