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Crush Margins for Imported Soybeans in China--12/4/2020

2020-12-04 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 1168.25 513 3856 3057 7894 59 -27 3056 8210 118
Jan 1168.25 510 3843 3095 7374 3 -24 3056 8210 131
Feb 1170.25 507 3829 3095 7374 17 -5 3056 8210 145
Soybean,
US PNW		 Dec 1168.25 503 3780 3057 7894 135 8 3056 8210 194
Jan 1168.25 502 3782 3095 7374 64 -3 3056 8210 192
Feb 1170.25 501 3787 3095 7374 59 -6 3056 8210 187
Soybean,
 Brazil		 Jan 1168.25 504 3795 3095 7374 125 -32 3056 8210 261
Feb 1170.25 502 3794 3095 7374 126 -37 3056 8210 262
Mar 1170.25 488 3712 3095 7374 208 -49 3056 8210 344
Apr 1168.25 485 3690 3095 7374 230 -50 3056 8210 366
May 1168.25 486 3696 3095 7374 224 -47 3056 8210 360
Jun 1165 488 3713 3151 7064 189 -41 3056 8210 343
Jul 1165 491 3735 3151 7064 167 -43 3056 8210 321
Soybean, Argentina May 1165 487 3703 3095 7374 69 -49 3056 8210 189
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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