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Crush Margins for Imported Soybeans in China--3/25/2021

2021-03-25 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 1432.75 618 4627 3306 9274 -253 2 3268 10035 -139
Oct 1228.25 556 4219 3301 8168 -59 33 3268 10035 269
Nov 1228.25 551 4178 3301 8168 -18 46 3268 10035 310
Soybean,
US PNW		 Mar 1432.75 616 4612 3306 9274 -238 2 3268 10035 -124
Oct 1228.25 552 4190 3301 8168 -30 47 3268 10035 298
Nov 1228.25 547 4149 3301 8168 11 60 3268 10035 339
Soybean,
 Brazil		 Mar 1432.75 583 4370 3306 9274 97 2 3268 10035 219
Apr 1432.75 578 4340 3306 9274 127 29 3268 10035 249
May 1432.75 578 4351 3306 9274 116 29 3268 10035 238
Jun 1421 579 4359 3398 8496 25 23 3268 10035 230
Jul 1421 584 4426 3398 8496 -42 10 3268 10035 163
Aug 1421 588 4459 3398 8496 -75 10 3268 10035 130
Sep 1421 595 4512 3398 8496 -128 4 3268 10035 77
Soybean, Argentina May 1421 580 4367 3306 9274 -86 -5 3268 10035 21
June 1421 581 4372 3398 8496 -158 -2 3268 10035 16
July 1421 583 4423 3398 8496 -209 4 3268 10035 -35
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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