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Crush Margins for Imported Soybeans in China--12/21/2020

2020-12-21 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 1220 527 3961 3178 8394 144 5 3133 8630 154
Jan 1220 527 3960 3242 7720 68 5 3133 8630 155
Feb 1224 527 3962 3242 7720 66 21 3133 8630 153
Soybean,
US PNW		 Dec 1220 519 3896 3178 8394 209 15 3133 8630 219
Jan 1220 519 3896 3242 7720 132 14 3133 8630 219
Feb 1224 519 3909 3242 7720 119 5 3133 8630 206
Oct 1081.25 478 3631 3289 7294 353   3133 8630 484
Soybean,
 Brazil		 Jan 1224 526 3949 3242 7720 156 -24 3133 8630 252
Feb 1224 518 3896 3242 7720 209 11 3133 8630 305
Mar 1224 507 3820 3242 7720 285 21 3133 8630 381
Apr 1223.75 505 3827 3242 7720 278 2 3133 8630 374
May 1223.75 507 3844 3242 7720 261 -14 3133 8630 357
Jun 1219.25 509 3858 3289 7294 199 4 3133 8630 343
Jul 1219.25 511 3877 3289 7294 180 1 3133 8630 324
Soybean, Argentina May 1219.25 509 3857 3242 7720 94 -22 3133 8630 171
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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