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Crush Margins for Imported Soybeans in China--12/23/2020

2020-12-23 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 1247.25 537 4039 3221 8294 81 -67 3275 8370 139
Jan 1247.25 536 4030 3303 7534 11 -71 3275 8370 148
Feb 1250 535 4026 3303 7534 15 -67 3275 8370 152
Soybean,
US PNW		 Dec 1247.25 529 3974 3221 8294 146 -67 3275 8370 204
Jan 1247.25 529 3974 3303 7534 67 -71 3275 8370 204
Feb 1250 529 3984 3303 7534 57 -67 3275 8370 194
Oct 1087.75 481 3652 3300 7100 304 -76 3275 8370 526
Soybean,
 Brazil		 Jan 1250 535 4018 3303 7534 98 -69 3275 8370 243
Feb 1250 522 3936 3303 7534 180 -47 3275 8370 325
Mar 1250 514 3882 3303 7534 234 -56 3275 8370 379
Apr 1249.5 512 3888 3303 7534 228 -56 3275 8370 373
May 1249.5 515 3905 3303 7534 211 -56 3275 8370 356
Jun 1244.25 518 3928 3348 7146 146 -50 3275 8370 333
Jul 1244.25 520 3949 3348 7146 125 -52 3275 8370 312
Soybean, Argentina May 1244.25 516 3916 3303 7534 49 -49 3275 8370 178
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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