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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
USD/tonne CNY/tonne
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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