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Crush Margins for Imported Soybeans in China--12/30/2020

2020-12-30 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 1295.5 550 4111 3277 8626 117 -8 3234 8580 74
Jan 1295.5 549 4110 3354 7812 24 -13 3234 8580 75
Feb 1296 550 4120 3354 7812 14 -24 3234 8580 65
Soybean,
US PNW		 Dec 1295.5 546 4088 3277 8626 140 -41 3234 8580 97
Jan 1295.5 546 4088 3354 7812 46 -33 3234 8580 97
Feb 1296 546 4092 3354 7812 42 -30 3234 8580 93
Oct 1098.25 487 3686 3356 7306 353 -8 3234 8580 499
Soybean,
 Brazil		 Jan 1296 545 4079 3354 7812 133 23 3234 8580 192
Feb 1296 539 4044 3354 7812 168 -51 3234 8580 227
Mar 1296 531 3987 3354 7812 225 -48 3234 8580 284
Apr 1294.5 528 3989 3354 7812 223 -51 3234 8580 282
May 1294.5 529 3996 3354 7812 216 -49 3234 8580 275
Jun 1288 532 4021 3402 7346 136 -50 3234 8580 250
Jul 1288 537 4053 3402 7346 104 -60 3234 8580 218
Soybean, Argentina May 1288 531 4014 3354 7812 42 -53 3234 8580 85
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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