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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
USD/tonne CNY/tonne
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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