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Crush Margins for Imported Soybeans in China--12/17/2020

2020-12-17 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 1183.75 516 3870 3089 8144 118 37 3082 8360 153
Jan 1183.75 514 3864 3144 7598 63 23 3082 8360 159
Feb 1188 516 3882 3144 7598 45 24 3082 8360 141
Soybean,
US PNW		 Dec 1183.75 508 3815 3089 8144 173 37 3082 8360 208
Jan 1183.75 506 3808 3144 7598 119 24 3082 8360 215
Feb 1188 506 3812 3144 7598 115 25 3082 8360 211
Soybean,
 Brazil		 Jan 1183.75 508 3824 3144 7598 179 24 3082 8360 283
Feb 1188 505 3806 3144 7598 197 25 3082 8360 301
Mar 1188 493 3740 3144 7598 263 25 3082 8360 367
Apr 1189.75 492 3731 3144 7598 272 24 3082 8360 376
May 1189.75 492 3732 3144 7598 271 24 3082 8360 375
Jun 1187.5 497 3762 3191 7198 198 23 3082 8360 345
Jul 1187.5 499 3779 3191 7198 181 22 3082 8360 328
Soybean, Argentina May 1187.5 493 3738 3144 7598 113 23 3082 8360 202
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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