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Crush Margins for Imported Soybeans in China--1/25/2021

2021-01-25 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		 Jan 1311.75 559 4164 3406 7444 -59 -11 3824 8470 466
Feb 1311.75 559 4173 3406 7444 -68 -11 3824 8470 457
Oct 1112 503 3792 3245 6912 85   3824 8470 838
Soybean,
US PNW		 Jan 1311.75 557 4146 3406 7444 -41 -5 3824 8470 484
Feb 1311.75 557 4155 3406 7444 -50 -6 3824 8470 475
Oct 1112 497 3743 3245 6912 134 -29 3824 8470 887
Soybean,
 Brazil		 Jan 1311.75 557 4150 3406 7444 30 17 3824 8470 565
Feb 1311.75 546 4079 3406 7444 101 4 3824 8470 636
Mar 1311.75 539 4031 3406 7444 149 -3 3824 8470 684
Apr 1311.75 537 4041 3406 7444 139 -7 3824 8470 674
May 1311.75 539 4057 3406 7444 123 -12 3824 8470 658
Jun 1298.5 540 4058 3417 6966 35 -15 3824 8470 657
Jul 1298.5 543 4085 3417 6966 8 -13 3824 8470 630
Soybean, Argentina May 1298.5 540 4058 3406 7444 -27 -18 3824 8470 488
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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