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
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
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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