Crush Margins for Imported Soybeans in China--12/8/2020

2020-12-08 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	Dec	1158.5	506	3799	3050	7880	108	15	3053	8290	188
	Jan	1158.5	505	3794	3100	7398	61	24	3053	8290	193
	Feb	1162.5	506	3813	3100	7398	42	-8	3053	8290	174
Soybean, US PNW	Dec	1158.5	499	3744	3050	7880	163	-6	3053	8290	243
	Jan	1158.5	497	3739	3100	7398	116	18	3053	8290	248
	Feb	1162.5	497	3743	3100	7398	112	20	3053	8290	244
Soybean, Brazil	Jan	1158.5	499	3754	3100	7398	175	16	3053	8290	316
	Feb	1162.5	500	3764	3100	7398	165	0	3053	8290	306
	Mar	1162.5	486	3688	3100	7398	241	0	3053	8290	382
	Apr	1163.25	483	3665	3100	7398	264	1	3053	8290	405
	May	1163.25	483	3669	3100	7398	260	6	3053	8290	401
	Jun	1161.5	487	3695	3160	7068	215	0	3053	8290	375
	Jul	1161.5	489	3712	3160	7068	198	5	3053	8290	358
Soybean, Argentina	May	1161.5	484	3671	3100	7398	110	-3	3053	8290	233
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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