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
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
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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