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Crush Margins for Imported Soybeans in China--3/29/2021

2021-03-29 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 1400.5 606 4545 3314 8692 -275 -8 3294 9470 -143
Oct 1207.25 548 4167 3296 7790 -83 -27 3294 9470 235
Nov 1207.25 543 4126 3296 7790 -42 -27 3294 9470 276
Soybean,
US PNW
Mar 1400.5 605 4532 3314 8692 -262 -8 3294 9470 -130
Oct 1207.25 545 4140 3296 7790 -56 -27 3294 9470 262
Nov 1207.25 539 4099 3296 7790 -15 -27 3294 9470 303
Soybean,
 Brazil
Mar 1400.5 572 4290 3314 8692 66 -11 3294 9470 206
Apr 1400.5 566 4259 3314 8692 97 -11 3294 9470 237
May 1400.5 566 4268 3314 8692 88 -11 3294 9470 228
Jun 1391.25 570 4299 3407 8012 -5 -20 3294 9470 197
Jul 1391.25 573 4352 3407 8012 -58 -14 3294 9470 144
Aug 1391.25 577 4385 3407 8012 -91 -14 3294 9470 111
Sep 1391.25 584 4438 3407 8012 -144 -15 3294 9470 58
Soybean, Argentina May 1391.25 568 4285 3314 8692 -102 -8 3294 9470 22
June 1391.25 571 4304 3407 8012 -170 -10 3294 9470 3
July 1391.25 574 4357 3407 8012 -223 -9 3294 9470 -50
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%.