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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
USD/tonne CNY/tonne
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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