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Crush Margins for Imported Soybeans in China--4/8/2021

2021-04-08 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 1408.75 607 4564 3379 8730 -236 -7 3349 9430 -127
Oct 1270.75 570 4332 3481 7932 -75 -77 3349 9430 105
Nov 1270.75 564 4291 3481 7932 -34 -58 3349 9430 146
Soybean,
US PNW		 Apr 1408.75 604 4538 3379 8730 -210 -20 3349 9430 -101
Oct 1270.75 566 4305 3481 7932 -48 -62 3349 9430 132
Nov 1270.75 560 4264 3481 7932 -7 -53 3349 9430 173
Soybean,
 Brazil		 Apr 1408.75 570 4289 3379 8730 126 -46 3349 9430 243
May 1408.75 571 4304 3379 8730 111 -47 3349 9430 228
Jun 1403 574 4338 3515 8146 68 -73 3349 9430 194
Jul 1403 582 4399 3515 8146 7 -78 3349 9430 133
Aug 1403 584 4436 3515 8146 -30 -88 3349 9430 96
Sep 1403 587 4464 3515 8146 -58 -62 3349 9430 68
Soybean, Argentina May 1403 571 4301 3379 8730 -60 4 3349 9430 42
June 1403 571 4317 3515 8146 -74 7 3349 9430 26
July 1403 574 4338 3515 8146 -95 -1 3349 9430 5
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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