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
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
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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