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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
USD/tonne CNY/tonne
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%.