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Crush Margins for Imported Soybeans in China--2/3/2021

2021-02-03 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
Feb 1354.75 576 4266 3376 7546 -165 -67 3725 8600 311
Oct 1150.5 518 3887 3266 6904 5 -78 3725 8600 690
Soybean,
US PNW
Feb 1354.75 575 4260 3376 7546 -159 -68 3725 8600 317
Oct 1150.5 516 3868 3266 6904 24 -70 3725 8600 709
Soybean,
 Brazil
Feb 1354.75 560 4153 3376 7546 23 -69 3725 8600 510
Mar 1354.75 554 4117 3376 7546 59 -64 3725 8600 546
Apr 1350.75 552 4112 3376 7546 64 -60 3725 8600 551
May 1350.75 554 4150 3376 7546 26 -61 3725 8600 513
Jun 1333.75 553 4144 3417 7010 -43 -64 3725 8600 519
Jul 1333.75 557 4168 3417 7010 -67 -59 3725 8600 495
Soybean, Argentina May 1333.75 550 4121 3376 7546 -96 -55 3725 8600 370
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%.