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Crush Margins for Imported Soybeans in China--4/1/2021

2021-04-01 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		 May 1436.75 617 4633 3421 8502 -315   3235 8970 -373
Oct 1256.25 562 4232 3472 7776 -12 88 3235 8970 28
Nov 1256.25 561 4218 3472 7776 2 60 3235 8970 42
Soybean,
US PNW		 May 1436.75 607 4564 3421 8502 -246   3235 8970 -304
Oct 1256.25 560 4210 3472 7776 10 82 3235 8970 50
Nov 1256.25 557 4191 3472 7776 29 60 3235 8970 69
Soybean,
 Brazil		 Apr 1436.75 577 4337 3421 8502 66 -14 3235 8970 13
May 1436.75 577 4342 3421 8502 61 -7 3235 8970 8
Jun 1427.75 585 4399 3554 7982 5 8 3235 8970 -49
Jul 1427.75 587 4412 3554 7982 -8 40 3235 8970 -62
Aug 1427.75 590 4435 3554 7982 -31 54 3235 8970 -85
Sep 1427.75 598 4494 3554 7982 -90 63 3235 8970 -144
Soybean, Argentina May 1427.75 583 4381 3421 8502 -148 -8 3235 8970 -211
June 1427.75 585 4400 3554 7982 -156 26 3235 8970 -230
July 1427.75 587 4414 3554 7982 -170 57 3235 8970 -244
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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