Crush Margins for Imported Soybeans in China--4/15/2021

2021-04-15 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	1410	608	4545	3331	8726	-256	-8	3288	9220	-196
	Oct	1264	566	4258	3422	7896	-54	-1	3288	9220	91
	Nov	1264	560	4217	3422	7896	-13	-1	3288	9220	132
Soybean, US PNW	Apr	1410	604	4517	3331	8726	-228	-8	3288	9220	-168
	Oct	1264	563	4243	3422	7896	-39	-1	3288	9220	106
	Nov	1264	558	4202	3422	7896	2	-1	3288	9220	147
Soybean, Brazil	Apr	1410	573	4289	3331	8726	88	-6	3288	9220	153
	May	1410	575	4312	3331	8726	65	-7	3288	9220	130
	Jun	1402.25	577	4333	3447	8156	21	-12	3288	9220	109
	Jul	1402.25	582	4372	3447	8156	-18	-4	3288	9220	70
	Aug	1402.25	584	4393	3447	8156	-39	15	3288	9220	49
	Sep	1402.25	587	4415	3447	8156	-61	15	3288	9220	27
Soybean, Argentina	May	1402.25	570	4277	3331	8726	-75	-1	3288	9220	-20
	June	1402.25	574	4314	3447	8156	-123	-8	3288	9220	-57
	July	1402.25	576	4327	3447	8156	-136	-7	3288	9220	-70
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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