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Crush Margins for Imported Soybeans in China--3/16/2021

2021-03-16 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 1419.5 608 4524 3221 9442 -185 28 3293 10340 42
Oct 1244 560 4221 3241 8282 -87 30 3293 10340 345
Nov 1244 558 4208 3241 8282 -74 16 3293 10340 358
Soybean,
US PNW		 Mar 1419.5 606 4512 3221 9442 -173 23 3293 10340 54
Oct 1244 556 4195 3241 8282 -61 16 3293 10340 371
Nov 1244 555 4186 3241 8282 -52 11 3293 10340 380
Soybean,
 Brazil		 Mar 1419.5 579 4312 3221 9442 121 -3 3293 10340 357
Apr 1419.5 575 4291 3221 9442 142 -2 3293 10340 378
May 1419.5 572 4285 3221 9442 148 -4 3293 10340 384
Jun 1410.25 574 4299 3299 8584 24 19 3293 10340 370
Jul 1410.25 579 4363 3299 8584 -40 -11 3293 10340 306
Aug 1410.25 584 4404 3299 8584 -81 -11 3293 10340 265
Sep 1410.25 591 4450 3299 8584 -213 -12 3293 10340 116
Soybean, Argentina May 1410.25 575 4305 3221 9442 -61 -21 3293 10340 158
June 1410.25 576 4313 3299 8584 -162 18 3293 10340 150
July 1410.25 579 4362 3299 8584 -211 -12 3293 10340 101
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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