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Crush Margins for Imported Soybeans in China--3/9/2021

2021-03-09 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 1433.75 614 4609 3365 9450 -155 -84 3570 10320 172
Oct 1254.25 565 4297 3390 8030 -93 -90 3570 10320 484
Nov 1254.25 564 4283 3390 8030 -79 -90 3570 10320 498
Soybean,
US PNW
Mar 1433.75 610 4575 3365 9450 -121 -70 3570 10320 206
Oct 1254.25 558 4243 3390 8030 -39 -87 3570 10320 538
Soybean,
 Brazil
Mar 1433.75 586 4399 3365 9450 149 -74 3570 10320 485
Apr 1433.75 582 4382 3365 9450 166 -92 3570 10320 502
May 1433.75 581 4385 3365 9450 163 -91 3570 10320 499
Jun 1418.25 578 4391 3443 8384 6 -84 3570 10320 493
Jul 1418.25 582 4419 3443 8384 -22 -82 3570 10320 465
Aug 1418.25 587 4460 3443 8384 -63 -87 3570 10320 424
Soybean, Argentina May 1418.25 580 4377 3365 9450 -18 -96 3570 10320 301
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%.