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Crush Margins for Imported Soybeans in China--4/9/2021

2021-04-09 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 1415.25 610 4587 3398 8644 -260 -24 3337 9250 -193
Oct 1273.25 571 4343 3483 7864 -97 -22 3337 9250 51
Nov 1273.25 565 4302 3483 7864 -56 -22 3337 9250 92
Soybean,
US PNW		 Apr 1415.25 606 4560 3398 8644 -233 -23 3337 9250 -166
Oct 1273.25 567 4316 3483 7864 -70 -22 3337 9250 78
Nov 1273.25 561 4274 3483 7864 -28 -21 3337 9250 120
Soybean,
 Brazil		 Apr 1415.25 573 4317 3398 8644 96 -30 3337 9250 169
May 1415.25 574 4336 3398 8644 77 -34 3337 9250 150
Jun 1409.75 578 4375 3528 8084 29 -39 3337 9250 111
Jul 1409.75 585 4423 3528 8084 -19 -26 3337 9250 63
Aug 1409.75 586 4459 3528 8084 -55 -25 3337 9250 27
Sep 1409.75 590 4486 3528 8084 -82 -24 3337 9250 0
Soybean, Argentina May 1409.75 574 4331 3398 8644 -91 -31 3337 9250 -30
June 1409.75 577 4362 3528 8084 -120 -46 3337 9250 -61
July 1409.75 579 4376 3528 8084 -134 -39 3337 9250 -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%.

 

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