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Crush Margins for Imported Soybeans in China--3/23/2021

2021-03-23 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 1417.5 613 4566 3221 9316 -251 29 3282 9810 -109
Oct 1216 553 4181 3240 8232 -57 42 3282 9810 276
Nov 1216 550 4154 3240 8232 -30 41 3282 9810 303
Soybean,
US PNW		 Mar 1417.5 611 4551 3221 9316 -236 17 3282 9810 -94
Oct 1216 551 4166 3240 8232 -42 29 3282 9810 291
Nov 1216 548 4139 3240 8232 -15 42 3282 9810 318
Soybean,
 Brazil		 Mar 1417.5 578 4310 3221 9316 98 21 3282 9810 245
Apr 1417.5 576 4306 3221 9316 102 22 3282 9810 249
May 1417.5 576 4317 3221 9316 91 13 3282 9810 238
Jun 1404 575 4306 3316 8576 29 39 3282 9810 249
Jul 1404 578 4366 3316 8576 -31 39 3282 9810 189
Aug 1404 583 4399 3316 8576 -64 38 3282 9810 156
Sep 1404 589 4446 3316 8576 -111 46 3282 9810 109
Soybean, Argentina May 1404 573 4295 3221 9316 -74 25 3282 9810 64
June 1404 574 4301 3316 8576 -138 36 3282 9810 58
July 1404 577 4357 3316 8576 -194 35 3282 9810 2
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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