Today is 04/13/2024

Crush Margins for Imported Soybeans in China--4/19/2021

2021-04-19 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 1433.25 617 4595 3401 8784 -239 -10 3357 9250 -185
Oct 1274 569 4292 3481 7968 -28 -4 3357 9250 118
Nov 1274 564 4252 3481 7968 12 -5 3357 9250 158
Soybean,
US PNW
Apr 1433.25 613 4568 3401 8784 -212 -8 3357 9250 -158
Oct 1274 566 4269 3481 7968 -5 4 3357 9250 141
Nov 1274 562 4236 3481 7968 28 -4 3357 9250 174
Soybean,
 Brazil
Apr 1433.25 578 4313 3401 8784 131 4 3357 9250 189
May 1433.25 580 4336 3401 8784 108 4 3357 9250 166
Jun 1422.5 581 4355 3521 8264 79 3 3357 9250 147
Jul 1422.5 587 4396 3521 8264 38 -2 3357 9250 106
Aug 1422.5 591 4457 3521 8264 -23 -11 3357 9250 45
Sep 1422.5 594 4478 3521 8264 -44 -10 3357 9250 24
Feb 1246.5 509 3845 3344 7850 367   3357 9250 657
Soybean, Argentina May 1422.5 578 4324 3401 8784 -56 -7 3357 9250 -7
June 1422.5 582 4360 3521 8264 -91 -16 3357 9250 -43
July 1422.5 583 4368 3521 8264 -99 -10 3357 9250 -51
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%.