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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
USD/tonne CNY/tonne
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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