Crush Margins for Imported Soybeans in China--4/12/2021

2021-04-12 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	1403	606	4538	3361	8652	-239	21	3348	9220	-141
	Oct	1263.25	565	4286	3452	7802	-77	20	3348	9220	111
	Nov	1263.25	560	4245	3452	7802	-36	20	3348	9220	152
Soybean, US PNW	Apr	1403	602	4509	3361	8652	-210	23	3348	9220	-112
	Oct	1263.25	563	4272	3452	7802	-63	7	3348	9220	125
	Nov	1263.25	558	4231	3452	7802	-22	6	3348	9220	166
Soybean, Brazil	Apr	1403	569	4268	3361	8652	118	22	3348	9220	221
	May	1403	570	4286	3361	8652	100	23	3348	9220	203
	Jun	1398.25	574	4326	3483	8062	38	9	3348	9220	163
	Jul	1398.25	580	4372	3483	8062	-8	11	3348	9220	117
	Aug	1398.25	582	4408	3483	8062	-44	11	3348	9220	81
	Sep	1398.25	585	4436	3483	8062	-72	10	3348	9220	53
Soybean, Argentina	May	1398.25	569	4278	3361	8652	-65	26	3348	9220	27
	June	1398.25	573	4314	3483	8062	-111	9	3348	9220	-9
	July	1398.25	574	4327	3483	8062	-124	10	3348	9220	-22
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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