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