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Crush Margins for Imported Soybeans in China--4/27/2021

2021-04-27 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
May 1569 663 4908 3541 9094 -383 -100 3499 9430 -352
Oct 1362 601 4507 3643 8308 -51 -60 3499 9430 49
Nov 1362 599 4494 3643 8308 -38 -74 3499 9430 62
Soybean,
US PNW
May 1569 661 4895 3541 9094 -370 -102 3499 9430 -339
Oct 1362 598 4486 3643 8308 -30 -66 3499 9430 70
Nov 1362 596 4467 3643 8308 -11 -74 3499 9430 89
Soybean,
 Brazil
Apr 1569 624 4628 3541 9094 -12 -94 3499 9430 22
May 1569 626 4651 3541 9094 -35 -89 3499 9430 -1
Jun 1539.25 619 4607 3679 8560 11 -76 3499 9430 43
Jul 1539.25 624 4646 3679 8560 -28 -79 3499 9430 4
Aug 1539.25 635 4757 3679 8560 -139 -93 3499 9430 -107
Sep 1539.25 639 4784 3679 8560 -166 -88 3499 9430 -134
Feb 1333 545 4095 3491 8224 308 -68 3499 9430 555
Mar 1333 537 4033 3491 8224 370 -68 3499 9430 617
Soybean, Argentina May 1539.25 617 4574 3541 9094 -140 -75 3499 9430 -112
Jun 1539.25 619 4596 3679 8560 -149 -87 3499 9430 -134
Jul 1539.25 621 4620 3679 8560 -173 -89 3499 9430 -158
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%.