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Crush Margins for Imported Soybeans in China--12/31/2020

2020-12-31 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 1303.75 553 4124 3374 8664 188 71 3302 8690 136
Jan 1303.75 553 4123 3443 7918 101 77 3302 8690 137
Feb 1300.5 551 4122 3443 7918 102 88 3302 8690 138
Soybean,
US PNW		 Dec 1303.75 549 4101 3374 8664 211 71 3302 8690 159
Jan 1303.75 549 4101 3443 7918 123 77 3302 8690 159
Feb 1300.5 547 4094 3443 7918 130 88 3302 8690 166
Oct 1103.75 489 3693 3420 7389 413 60 3302 8690 567
Soybean,
 Brazil		 Jan 1300.5 547 4082 3443 7918 222 89 3302 8690 265
Feb 1300.5 541 4046 3443 7918 258 90 3302 8690 301
Mar 1300.5 532 3991 3443 7918 313 88 3302 8690 356
Apr 1297.75 529 3989 3443 7918 315 92 3302 8690 358
May 1297.75 530 3995 3443 7918 309 93 3302 8690 352
Jun 1290.5 533 4018 3484 7432 221 85 3302 8690 329
Jul 1290.5 537 4051 3484 7432 188 84 3302 8690 296
Soybean, Argentina May 1290.5 532 4012 3443 7918 133 91 3302 8690 161
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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