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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
USD/tonne CNY/tonne
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%.