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Crush Margins for Imported Soybeans in China--4/20/2021

2021-04-20 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 1449.75 623 4633 3461 8730 -240 -1 3387 9290 -192
Oct 1284 573 4313 3540 7948 -6 22 3387 9290 128
Nov 1284 567 4273 3540 7948 34 22 3387 9290 168
Soybean,
US PNW
Apr 1449.75 619 4606 3461 8730 -213 -1 3387 9290 -165
Oct 1284 570 4290 3540 7948 17 22 3387 9290 151
Nov 1284 565 4257 3540 7948 50 22 3387 9290 184
Soybean,
 Brazil
Apr 1449.75 583 4347 3461 8730 133 2 3387 9290 187
May 1449.75 585 4367 3461 8730 113 5 3387 9290 167
Jun 1436.5 587 4387 3583 8216 87 8 3387 9290 147
Jul 1436.5 591 4417 3583 8216 57 19 3387 9290 117
Aug 1436.5 596 4483 3583 8216 -9 14 3387 9290 51
Sep 1436.5 599 4510 3583 8216 -36 8 3387 9290 24
Feb 1254.75 513 3867 3399 7838 386 19 3387 9290 667
Soybean, Argentina May 1436.5 583 4351 3461 8730 -45 11 3387 9290 -3
June 1436.5 586 4381 3583 8216 -72 19 3387 9290 -33
July 1436.5 588 4400 3583 8216 -91 8 3387 9290 -52
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%.