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Crush Margins for Imported Soybeans in China--12/14/2020

2020-12-14 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 1160.5 507 3806 3038 7976 109 -2 3043 8250 165
Jan 1160.5 505 3801 3106 7466 71 0 3043 8250 170
Feb 1166 507 3821 3106 7466 51 1 3043 8250 150
Soybean,
US PNW		 Dec 1160.5 500 3751 3038 7976 164 -2 3043 8250 220
Jan 1160.5 498 3745 3106 7466 127 0 3043 8250 226
Feb 1166 498 3752 3106 7466 120 1 3043 8250 219
Soybean,
 Brazil		 Jan 1160.5 500 3760 3106 7466 187 1 3043 8250 294
Feb 1166 499 3756 3106 7466 191 3 3043 8250 298
Mar 1166 485 3679 3106 7466 268 3 3043 8250 375
Apr 1167.25 484 3669 3106 7466 278 2 3043 8250 385
May 1167.25 485 3676 3106 7466 271 1 3043 8250 378
Jun 1166 489 3703 3162 7096 214 3 3043 8250 351
Jul 1166 491 3720 3162 7096 197 2 3043 8250 334
Soybean, Argentina May 1166 485 3680 3106 7466 118 0 3043 8250 209
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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