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Crush Margins for Imported Soybeans in China--3/2/2021

2021-03-02 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
Mar 1392.5 598 4434 3355 8790 -113 -69 3648 9870 323
Oct 1219.25 553 4150 3370 7642 -36 -70 3648 9870 607
Nov 1219.25 551 4140 3370 7642 -26   3648 9870 617
Soybean,
US PNW
Mar 1392.5 596 4422 3355 8790 -101 -96 3648 9870 335
Oct 1219.25 547 4105 3370 7642 9 -80 3648 9870 652
Soybean,
 Brazil
Mar 1392.5 572 4247 3355 8790 161 -66 3648 9870 609
Apr 1391.25 566 4213 3355 8790 195 -64 3648 9870 643
May 1391.25 566 4221 3355 8790 187 -60 3648 9870 635
Jun 1381 568 4262 3406 7940 17 -70 3648 9870 594
Jul 1381 572 4289 3406 7940 -10 -70 3648 9870 567
Aug 1381 576 4317 3406 7940 -38 -70 3648 9870 539
Soybean, Argentina May 1381 568 4237 3355 8790 -4 -63 3648 9870 422
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%.