Crush Margins for Imported Soybeans in China--12/15/2020

2020-12-15 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	1169.5	510	3837	3027	7986	72	-37	3042	8330	149
	Jan	1169.5	509	3831	3093	7482	34	-37	3042	8330	155
	Feb	1174.5	511	3851	3093	7482	14	-37	3042	8330	135
Soybean, US PNW	Dec	1169.5	503	3782	3027	7986	127	-37	3042	8330	204
	Jan	1169.5	501	3775	3093	7482	90	-37	3042	8330	211
	Feb	1174.5	501	3781	3093	7482	84	-36	3042	8330	205
Soybean, Brazil	Jan	1169.5	503	3790	3093	7482	150	-37	3042	8330	279
	Feb	1174.5	502	3786	3093	7482	154	-37	3042	8330	283
	Mar	1174.5	489	3708	3093	7482	232	-36	3042	8330	361
	Apr	1176.5	487	3700	3093	7482	240	-38	3042	8330	369
	May	1176.5	488	3701	3093	7482	239	-32	3042	8330	368
	Jun	1175.25	492	3735	3150	7092	172	-42	3042	8330	334
	Jul	1175.25	494	3751	3150	7092	156	-41	3042	8330	318
Soybean, Argentina	May	1175.25	489	3711	3093	7482	79	-39	3042	8330	192
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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