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Crush Margins for Imported Soybeans in China--4/2/2021

2021-04-02 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 1402 604 4540 3365 8524 -262 53 3379 9260 -111
Oct 1263.75 565 4254 3469 7780 -35 -23 3379 9260 175
Nov 1263.75 563 4240 3469 7780 -21 -23 3379 9260 189
Soybean,
US PNW		 May 1402 595 4473 3365 8524 -195 51 3379 9260 -44
Oct 1263.75 562 4233 3469 7780 -14 -24 3379 9260 196
Nov 1263.75 560 4214 3469 7780 5 -24 3379 9260 215
Soybean,
 Brazil		 Apr 1402 560 4217 3365 8524 146 80 3379 9260 304
May 1402 564 4244 3365 8524 119 58 3379 9260 277
Jun 1396.75 570 4289 3513 7992 85 80 3379 9260 232
Jul 1396.75 572 4303 3513 7992 71 79 3379 9260 218
Aug 1396.75 576 4331 3513 7992 43 74 3379 9260 190
Sep 1396.75 587 4412 3513 7992 -38 52 3379 9260 109
Soybean, Argentina May 1396.75 571 4299 3365 8524 -106 42 3379 9260 37
June 1396.75 574 4318 3513 7992 -104 52 3379 9260 18
July 1396.75 576 4332 3513 7992 -118 52 3379 9260 4
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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