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Crush Margins for Imported Soybeans in China--4/6/2021

2021-04-06 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
Apr 1412.75 608 4567 3354 8706 -263   3306 9270 -194
Oct 1269 567 4268 3467 7890 -30 5 3306 9270 105
Nov 1269 565 4255 3467 7890 -17 4 3306 9270 118
Soybean,
US PNW
Apr 1412.75 602 4524 3354 8706 -220   3306 9270 -151
Oct 1269 565 4255 3467 7890 -17 -3 3306 9270 118
Nov 1269 562 4228 3467 7890 10 5 3306 9270 145
Soybean,
 Brazil
Apr 1412.75 566 4260 3354 8706 131 -15 3306 9270 206
May 1412.75 566 4260 3354 8706 131 12 3306 9270 206
Jun 1405.5 566 4259 3492 8126 125 40 3306 9270 207
Jul 1405.5 574 4316 3492 8126 68 -3 3306 9270 150
Aug 1405.5 580 4360 3492 8126 24 -19 3306 9270 106
Sep 1405.5 588 4422 3492 8126 -38 0 3306 9270 44
Soybean, Argentina May 1405.5 575 4323 3354 8706 -106 0 3306 9270 -43
June 1405.5 577 4342 3492 8126 -121 -17 3306 9270 -62
July 1405.5 579 4355 3492 8126 -134 -16 3306 9270 -75
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%.