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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
USD/tonne CNY/tonne
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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