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

Print Close