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Crush Margins for Imported Soybeans in China--3/10/2021

2021-03-10 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		 Mar 1440 617 4608 3354 9360 -180 -25 3506 10320 123
Oct 1262 570 4311 3377 7982 -127 -34 3506 10320 420
Nov 1262 566 4284 3377 7982 -100 -21 3506 10320 447
Soybean,
US PNW		 Mar 1440 614 4583 3354 9360 -155 -34 3506 10320 148
Oct 1262 565 4271 3377 7982 -87 -48 3506 10320 460
Nov 1262 561 4244 3377 7982 -60   3506 10320 487
Soybean,
 Brazil		 Mar 1440 588 4394 3354 9360 128 -21 3506 10320 440
Apr 1440 584 4378 3354 9360 144 -22 3506 10320 456
May 1440 583 4381 3354 9360 141 -22 3506 10320 453
Jun 1426 581 4390 3439 8272 -19 -25 3506 10320 444
Jul 1426 586 4427 3439 8272 -56 -34 3506 10320 407
Aug 1426 590 4459 3439 8272 -88 -25 3506 10320 375
Sep 1426 598 4515 3439 8272 -227   3506 10320 216
Soybean, Argentina May 1426 581 4363 3354 9360 -29 -11 3506 10320 264
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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