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
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
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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