Crush Margins for Imported Soybeans in China--3/12/2021

2021-03-12 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	1413.5	609	4521	3201	9372	-212	55	3306	10200	29
	Oct	1243.75	563	4233	3230	8214	-121	52	3306	10200	317
	Nov	1243.75	560	4206	3230	8214	-94	52	3306	10200	344
Soybean, US PNW	Mar	1413.5	606	4496	3201	9372	-187	55	3306	10200	54
	Oct	1243.75	558	4193	3230	8214	-81	51	3306	10200	357
	Nov	1243.75	554	4166	3230	8214	-54	51	3306	10200	384
Soybean, Brazil	Mar	1413.5	578	4295	3201	9372	108	70	3306	10200	357
	Apr	1413.5	573	4265	3201	9372	138	83	3306	10200	387
	May	1413.5	572	4266	3201	9372	137	85	3306	10200	386
	Jun	1401.5	571	4289	3288	8512	11	66	3306	10200	363
	Jul	1401.5	576	4322	3288	8512	-22	66	3306	10200	330
	Aug	1401.5	581	4363	3288	8512	-63	66	3306	10200	289
	Sep	1401.5	587	4410	3288	8512	-195	72	3306	10200	140
Soybean, Argentina	May	1401.5	570	4253	3201	9372	-37	78	3306	10200	195
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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