Crush Margins for Imported Soybeans in China--12/9/2020

2020-12-09 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	1145.75	502	3761	3050	7768	124	16	3053	8120	194
	Jan	1145.75	500	3757	3098	7254	69	8	3053	8120	198
	Feb	1151.5	502	3779	3098	7254	47	5	3053	8120	176
Soybean, US PNW	Dec	1145.75	494	3707	3050	7768	178	15	3053	8120	248
	Jan	1145.75	492	3701	3098	7254	125	9	3053	8120	254
	Feb	1151.5	493	3710	3098	7254	116	4	3053	8120	245
Soybean, Brazil	Jan	1145.75	495	3716	3098	7254	182	7	3053	8120	320
	Feb	1151.5	496	3730	3098	7254	168	3	3053	8120	306
	Mar	1151.5	482	3652	3098	7254	246	5	3053	8120	384
	Apr	1153	479	3632	3098	7254	266	2	3053	8120	404
	May	1153	480	3636	3098	7254	262	2	3053	8120	400
	Jun	1152	484	3664	3149	6928	209	-6	3053	8120	372
	Jul	1152	486	3680	3149	6928	193	-5	3053	8120	356
Soybean, Argentina	May	1152	480	3640	3098	7254	113	3	3053	8120	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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