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Crush Margins for Imported Soybeans in China--3/22/2021

2021-03-22 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 1416.25 612 4565 3271 8950 -280 -22 3243 9770 -147
Oct 1220 553 4182 3274 7878 -99 9 3243 9770 236
Nov 1220 549 4154 3274 7878 -71 10 3243 9770 264
Soybean,
US PNW		 Mar 1416.25 609 4538 3271 8950 -253 -23 3243 9770 -120
Oct 1220 549 4154 3274 7878 -71 11 3243 9770 264
Nov 1220 547 4140 3274 7878 -57 12 3243 9770 278
Soybean,
 Brazil		 Mar 1416.25 576 4297 3271 8950 77 -22 3243 9770 219
Apr 1416.25 574 4294 3271 8950 80 -22 3243 9770 222
May 1416.25 573 4296 3271 8950 78 -19 3243 9770 220
Jun 1403 573 4301 3365 8162 -10 -3 3243 9770 215
Jul 1403 577 4361 3365 8162 -70 0 3243 9770 155
Aug 1403 582 4393 3365 8162 -102 -5 3243 9770 123
Sep 1403 589 4448 3365 8162 -157 -5 3243 9770 68
Soybean, Argentina May 1403 572 4294 3271 8950 -99 -32 3243 9770 27
June 1403 573 4302 3365 8162 -174 -20 3243 9770 19
July 1403 577 4357 3365 8162 -229 -11 3243 9770 -36
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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