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Crush Margins for Imported Soybeans in China--12/7/2020

2020-12-07 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 1163 511 3832 3053 7966 93 34 3066 8280 163
Jan 1163 508 3819 3098 7412 37 34 3066 8280 176
Feb 1165 505 3806 3098 7412 50 33 3066 8280 189
Soybean,
US PNW		 Dec 1163 501 3756 3053 7966 169 34 3066 8280 239
Jan 1163 500 3758 3098 7412 98 34 3066 8280 237
Feb 1165 500 3764 3098 7412 92 33 3066 8280 231
Soybean,
 Brazil		 Jan 1163 502 3771 3098 7412 159 34 3066 8280 307
Feb 1165 500 3765 3098 7412 165 39 3066 8280 313
Mar 1165 486 3689 3098 7412 241 33 3066 8280 389
Apr 1163.75 483 3667 3098 7412 263 33 3066 8280 411
May 1163.75 484 3676 3098 7412 254 30 3066 8280 402
Jun 1160.75 487 3693 3155 7080 215 26 3066 8280 385
Jul 1160.75 490 3715 3155 7080 193 26 3066 8280 363
Soybean, Argentina May 1160.75 484 3669 3098 7412 113 44 3066 8280 244
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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