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Crush Margins for Imported Soybeans in China--12/24/2020

2020-12-24 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 1258.75 542 4059 3228 8626 130 49 3247 8500 121
Jan 1258.75 540 4050 3311 7788 45 34 3247 8500 130
Feb 1260 538 4041 3311 7788 54 39 3247 8500 139
Soybean,
US PNW		 Dec 1258.75 533 3994 3228 8626 195 49 3247 8500 186
Jan 1258.75 533 3994 3311 7788 101 34 3247 8500 186
Feb 1260 533 3999 3311 7788 96 39 3247 8500 181
Oct 1084.75 479 3634 3330 7292 382 78 3247 8500 546
Soybean,
 Brazil		 Jan 1260 538 4034 3311 7788 139 41 3247 8500 231
Feb 1260 526 3952 3311 7788 221 41 3247 8500 313
Mar 1260 518 3898 3311 7788 275 41 3247 8500 367
Apr 1258.75 516 3902 3311 7788 271 43 3247 8500 363
May 1258.75 518 3919 3311 7788 254 43 3247 8500 346
Jun 1252.75 521 3939 3364 7316 182 36 3247 8500 326
Jul 1252.75 524 3961 3364 7316 160 35 3247 8500 304
Soybean, Argentina May 1252.75 519 3928 3311 7788 90 41 3247 8500 167
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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