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Crush Margins for Imported Soybeans in China--12/3/2020

2020-12-03 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 1153 506 3812 3062 7782 86 32 3075 8040 145
Jan 1153 506 3813 3108 7288 27 14 3075 8040 144
Feb 1154.75 505 3818 3108 7288 22 11 3075 8040 139
Soybean,
US PNW		 Dec 1153 501 3771 3062 7782 127 32 3075 8040 186
Jan 1153 500 3773 3108 7288 67 14 3075 8040 184
Feb 1154.75 499 3775 3108 7288 65 12 3075 8040 182
Soybean,
 Brazil		 Dec 1153 530 3986 3062 7782 -11 33 3075 8040 51
Jan 1153 498 3756 3108 7288 157 15 3075 8040 281
Feb 1154.75 496 3750 3108 7288 163 13 3075 8040 287
Mar 1154.75 480 3656 3108 7288 257 13 3075 8040 381
Apr 1152 477 3633 3108 7288 280 14 3075 8040 404
May 1152 478 3642 3108 7288 271 14 3075 8040 395
Jun 1149 481 3663 3157 6996 230 18 3075 8040 374
Jul 1149 484 3683 3157 6996 210 18 3075 8040 354
Soybean, Argentina May 1149 479 3649 3108 7288 118 15 3075 8040 227
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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