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Crush Margins for Imported Soybeans in China--12/18/2020

2020-12-18 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 1201.25 522 3910 3129 8302 139 21 3092 8430 134
Jan 1201.25 520 3904 3179 7662 63 0 3092 8430 140
Feb 1205.5 522 3922 3179 7662 45 0 3092 8430 122
Soybean,
US PNW		 Dec 1201.25 515 3855 3129 8302 194 21 3092 8430 189
Jan 1201.25 513 3849 3179 7662 118 -1 3092 8430 195
Feb 1205.5 513 3853 3179 7662 114 -1 3092 8430 191
Soybean,
 Brazil		 Jan 1201.25 515 3864 3179 7662 180 1 3092 8430 265
Feb 1205.5 512 3846 3179 7662 198 1 3092 8430 283
Mar 1205.5 500 3780 3179 7662 264 1 3092 8430 349
Apr 1206 498 3768 3179 7662 276 4 3092 8430 361
May 1206 498 3769 3179 7662 275 4 3092 8430 360
Jun 1203.5 502 3799 3221 7248 195 -3 3092 8430 330
Jul 1203.5 505 3815 3221 7248 179 -2 3092 8430 314
Soybean, Argentina May 1203.5 499 3775 3179 7662 116 3 3092 8430 185
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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