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Crush Margins for Imported Soybeans in China--3/15/2021

2021-03-15 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 1413.25 609 4537 3204 9438 -213 -1 3327 10240 37
Oct 1243.75 563 4246 3240 8260 -117 4 3327 10240 328
Nov 1243.75 560 4219 3240 8260 -90 4 3327 10240 355
Soybean,
US PNW		 Mar 1413.25 607 4520 3204 9438 -196 -9 3327 10240 54
Oct 1243.75 558 4206 3240 8260 -77 4 3327 10240 368
Nov 1243.75 556 4192 3240 8260 -63 -9 3327 10240 382
Soybean,
 Brazil		 Mar 1413.25 576 4295 3204 9438 124 16 3327 10240 381
Apr 1413.25 572 4275 3204 9438 144 6 3327 10240 401
May 1413.25 570 4267 3204 9438 152 15 3327 10240 409
Jun 1402.5 571 4306 3292 8554 5 -6 3327 10240 370
Jul 1402.5 576 4340 3292 8554 -29 -7 3327 10240 336
Aug 1402.5 582 4381 3292 8554 -70 -7 3327 10240 295
Sep 1402.5 588 4427 3292 8554 -201 -6 3327 10240 147
Soybean, Argentina May 1402.5 570 4270 3204 9438 -40 -3 3327 10240 202
June 1402.5 573 4320 3292 8554 -180   3327 10240 152
July 1402.5 576 4339 3292 8554 -199   3327 10240 133
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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