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Crush Margins for Imported Soybeans in China--12/1/2020

2020-12-01 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 1168.5 514 3887 3131 7712 52 3 3164 8060 144
Jan 1168.5 513 3889 3184 7312 16 -12 3164 8060 142
Feb 1169.5 512 3892 3184 7312 13 -11 3164 8060 139
Soybean,
US PNW		 Dec 1168.5 510 3860 3131 7712 79 3 3164 8060 171
Jan 1168.5 508 3854 3184 7312 51 -11 3164 8060 177
Feb 1169.5 509 3865 3184 7312 40 -11 3164 8060 166
Soybean,
 Brazil		 Dec 1168.5 536 4049 3131 7712 -33 9 3164 8060 63
Jan 1168.5 507 3846 3184 7312 132 -13 3164 8060 266
Feb 1169.5 501 3810 3184 7312 168 -9 3164 8060 302
Mar 1169.5 486 3716 3184 7312 262 -3 3164 8060 396
Apr 1167.75 483 3695 3184 7312 283 -14 3164 8060 417
May 1167.75 484 3704 3184 7312 274 -11 3164 8060 408
Jun 1164.75 487 3725 3221 7024 224 -7 3164 8060 387
Jul 1164.75 490 3745 3221 7024 204 -7 3164 8060 367
Soybean, Argentina May 1164.75 485 3711 3184 7312 121 -3 3164 8060 239
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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