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Crush Margins for Imported Soybeans in China--12/2/2020

2020-12-02 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 1162 510 3838 3086 7654 54 2 3122 8070 162
Jan 1162 509 3840 3138 7230 13 -3 3122 8070 160
Feb 1163 508 3842 3138 7230 11 -2 3122 8070 158
Soybean,
US PNW		 Dec 1162 504 3797 3086 7654 95 16 3122 8070 203
Jan 1162 503 3800 3138 7230 53 2 3122 8070 200
Feb 1163 502 3800 3138 7230 53 13 3122 8070 200
Soybean,
 Brazil		 Dec 1162 533 4013 3086 7654 -44 -11 3122 8070 67
Jan 1162 501 3783 3138 7230 142 10 3122 8070 297
Feb 1163 499 3775 3138 7230 150 -18 3122 8070 305
Mar 1163 483 3681 3138 7230 244 -18 3122 8070 399
Apr 1161 480 3659 3138 7230 266 -17 3122 8070 421
May 1161 482 3668 3138 7230 257 -17 3122 8070 412
Jun 1158.5 485 3691 3183 6940 212 -12 3122 8070 389
Jul 1158.5 487 3711 3183 6940 192 -12 3122 8070 369
Soybean, Argentina May 1158.5 483 3677 3138 7230 103 -18 3122 8070 242
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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