Crush Margins for Imported Soybeans in China--12/16/2020

2020-12-16 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	1184.25	516	3871	3078	8002	81	9	3041	8250	99
	Jan	1184.25	514	3865	3139	7500	40	6	3041	8250	105
	Feb	1188.75	516	3884	3139	7500	21	7	3041	8250	86
Soybean, US PNW	Dec	1184.25	508	3816	3078	8002	136	9	3041	8250	154
	Jan	1184.25	507	3810	3139	7500	95	5	3041	8250	160
	Feb	1188.75	506	3815	3139	7500	90	6	3041	8250	155
Soybean, Brazil	Jan	1184.25	509	3825	3139	7500	155	5	3041	8250	227
	Feb	1188.75	506	3808	3139	7500	172	18	3041	8250	244
	Mar	1188.75	494	3742	3139	7500	238	6	3041	8250	310
	Apr	1190.25	492	3732	3139	7500	248	8	3041	8250	320
	May	1190.25	493	3733	3139	7500	247	8	3041	8250	319
	Jun	1188	497	3764	3185	7114	175	3	3041	8250	288
	Jul	1188	499	3780	3185	7114	159	3	3041	8250	272
Soybean, Argentina	May	1188	494	3740	3139	7500	90	11	3041	8250	147
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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