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Crush Margins for Imported Soybeans in China--12/11/2020

2020-12-11 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 1152.75 504 3787 3039 7878 111 5 3067 8090 173
Jan 1152.75 503 3782 3108 7356 71 19 3067 8090 178
Feb 1158.75 505 3803 3108 7356 50 17 3067 8090 157
Soybean,
US PNW		 Dec 1152.75 497 3732 3039 7878 166 5 3067 8090 228
Jan 1152.75 495 3726 3108 7356 127 19 3067 8090 234
Feb 1158.75 495 3734 3108 7356 119 17 3067 8090 226
Soybean,
 Brazil		 Jan 1152.75 497 3741 3108 7356 186 20 3067 8090 300
Feb 1158.75 496 3739 3108 7356 188 28 3067 8090 302
Mar 1158.75 483 3662 3108 7356 265 32 3067 8090 379
Apr 1159.75 481 3651 3108 7356 276 21 3067 8090 390
May 1159.75 482 3657 3108 7356 270 19 3067 8090 384
Jun 1158.5 486 3685 3159 7002 211 13 3067 8090 356
Jul 1158.5 488 3701 3159 7002 195 13 3067 8090 340
Soybean, Argentina May 1158.5 483 3661 3108 7356 118 15 3067 8090 218
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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