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 |
Aug | 950.5 | 432 | 3409 | 2988 | 6674 | 220 | 25 | 2871 | 6690 | 130 |
Sep | 950.5 | 431 | 3407 | 2988 | 6674 | 222 | 25 | 2871 | 6690 | 132 | |
Oct | 950.5 | 432 | 3413 | 2988 | 6674 | 216 | 35 | 2871 | 6690 | 126 | |
Nov | 950.5 | 431 | 3417 | 2988 | 6674 | 212 | 30 | 2871 | 6690 | 122 | |
Dec | 956.25 | 430 | 3408 | 2988 | 6674 | 221 | 21 | 2871 | 6690 | 131 | |
Soybean, US PNW |
Oct | 950.5 | 424 | 3355 | 2988 | 6674 | 274 | 31 | 2871 | 6690 | 184 |
Nov | 950.5 | 424 | 3358 | 2988 | 6674 | 271 | 33 | 2871 | 6690 | 181 | |
Dec | 956.25 | 425 | 3371 | 2988 | 6674 | 258 | 27 | 2871 | 6690 | 168 | |
Soybean, Brazil |
Aug | 950.5 | 449 | 3541 | 2988 | 6674 | 154 | -75 | 2871 | 6690 | 65 |
Sep | 950.5 | 450 | 3552 | 2988 | 6674 | 143 | -87 | 2871 | 6690 | 54 | |
Oct | 950.5 | 449 | 3551 | 2988 | 6674 | 144 | -57 | 2871 | 6690 | 55 | |
Nov | 950.5 | 449 | 3551 | 2988 | 6674 | 144 | -50 | 2871 | 6690 | 55 | |
Dec | 956.25 | 450 | 3559 | 2988 | 6674 | 136 | -30 | 2871 | 6690 | 47 | |
Jan,2021 | 956.25 | 421 | 3356 | 2826 | 6526 | 51 | 15 | 2871 | 6690 | 116 | |
Feb,2021 | 956.25 | 412 | 3284 | 2826 | 6526 | 123 | 15 | 2871 | 6690 | 188 | |
Mar,2021 | 956.25 | 404 | 3221 | 2826 | 6526 | 186 | 10 | 2871 | 6690 | 251 | |
Apr,2021 | 957.25 | 401 | 3197 | 2826 | 6526 | 210 | 8 | 2871 | 6690 | 275 | |
May,2021 | 957.25 | 402 | 3211 | 2826 | 6526 | 196 | 5 | 2871 | 6690 | 261 | |
Jun,2021 | 959.75 | 404 | 3224 | 2826 | 6526 | 183 | 15 | 2871 | 6690 | 248 | |
Soybean, Argentina | Sep | 950.5 | 428 | 3378 | 2988 | 6674 | 184 | 21 | 2871 | 6690 | 94 |
May,2021 | 959.75 | 393 | 3138 | 2826 | 6526 | 269 | 15 | 2871 | 6690 | 334 | |
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%. |