Crush Margins for Imported Soybeans in China--12/22/2020

2020-12-22 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	1243.25	536	4023	3270	8358	148	4	3237	8560	161
	Jan	1243.25	535	4014	3337	7684	82	14	3237	8560	170
	Feb	1247.5	534	4014	3337	7684	82	16	3237	8560	170
Soybean, US PNW	Dec	1243.25	527	3958	3270	8358	213	4	3237	8560	226
	Jan	1243.25	527	3958	3337	7684	138	6	3237	8560	226
	Feb	1247.5	528	3972	3337	7684	124	5	3237	8560	212
	Oct	1091.25	482	3657	3362	7268	380	27	3237	8560	527
Soybean, Brazil	Jan	1247.5	534	4006	3337	7684	167	11	3237	8560	263
	Feb	1247.5	524	3946	3337	7684	227	18	3237	8560	323
	Mar	1247.5	515	3883	3337	7684	290	5	3237	8560	386
	Apr	1246.75	513	3889	3337	7684	284	6	3237	8560	380
	May	1246.75	515	3906	3337	7684	267	6	3237	8560	363
	Jun	1240.25	516	3914	3362	7268	196	-3	3237	8560	355
	Jul	1240.25	519	3933	3362	7268	177	-3	3237	8560	336
Soybean, Argentina	May	1240.25	517	3921	3337	7684	98	4	3237	8560	177
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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