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Crush Margins for Imported Soybeans in China--4/13/2021

2021-04-13 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 1382 598 4474 3324 8546 -224 15 3324 9180 -104
Oct 1250.25 560 4226 3423 7718 -55 22 3324 9180 144
Nov 1250.25 555 4185 3423 7718 -14 22 3324 9180 185
Soybean,
US PNW		 Apr 1382 594 4446 3324 8546 -196 14 3324 9180 -76
Oct 1250.25 558 4211 3423 7718 -40 23 3324 9180 159
Nov 1250.25 553 4170 3423 7718 1 23 3324 9180 200
Soybean,
 Brazil		 Apr 1382 562 4213 3324 8546 122 4 3324 9180 249
May 1382 564 4233 3324 8546 102 2 3324 9180 229
Jun 1379 567 4268 3449 7930 43 5 3324 9180 194
Jul 1379 573 4315 3449 7930 -4 4 3324 9180 147
Aug 1379 575 4331 3449 7930 -20 24 3324 9180 131
Sep 1379 578 4358 3449 7930 -47 25 3324 9180 104
Soybean, Argentina May 1379 562 4220 3324 8546 -56 9 3324 9180 58
June 1379 566 4256 3449 7930 -104 7 3324 9180 22
July 1379 567 4270 3449 7930 -118 6 3324 9180 8
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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