Crush Margins for Imported Soybeans in China--4/7/2021

2021-04-07 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	Apr	1418.75	611	4577	3364	8898	-229	34	3317	9400	-171
	Oct	1271.25	568	4259	3457	8052	2	32	3317	9400	147
	Nov	1271.25	565	4237	3457	8052	24	41	3317	9400	169
Soybean, US PNW	Apr	1418.75	606	4538	3364	8898	-190	30	3317	9400	-132
	Oct	1271.25	566	4247	3457	8052	14	31	3317	9400	159
	Nov	1271.25	562	4215	3457	8052	46	36	3317	9400	191
Soybean, Brazil	Apr	1418.75	569	4265	3364	8898	172	41	3317	9400	235
	May	1418.75	571	4279	3364	8898	158	27	3317	9400	221
	Jun	1411.25	572	4286	3502	8300	141	16	3317	9400	214
	Jul	1411.25	579	4342	3502	8300	85	17	3317	9400	158
	Aug	1411.25	583	4369	3502	8300	58	34	3317	9400	131
	Sep	1411.25	590	4423	3502	8300	4	42	3317	9400	77
Soybean, Argentina	May	1411.25	577	4323	3364	8898	-64	42	3317	9400	-11
	June	1411.25	579	4342	3502	8300	-81	40	3317	9400	-30
	July	1411.25	581	4355	3502	8300	-94	40	3317	9400	-43
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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