Today is 04/13/2024

Crush Margins for Imported Soybeans in China--4/21/2021

2021-04-21 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 1472 630 4671 3440 8912 -260 -20 3425 9370 -185
Oct 1299.5 577 4329 3534 8148 11 17 3425 9370 157
Nov 1299.5 573 4302 3534 8148 38 4 3425 9370 184
Soybean,
US PNW
Apr 1472 627 4652 3440 8912 -241 -28 3425 9370 -166
Oct 1299.5 575 4314 3534 8148 26 9 3425 9370 172
Nov 1299.5 571 4287 3534 8148 53 3 3425 9370 199
Soybean,
 Brazil
Apr 1472 591 4386 3440 8912 114 -19 3425 9370 194
May 1472 592 4403 3440 8912 97 -16 3425 9370 177
Jun 1457.75 591 4409 3568 8420 94 7 3425 9370 171
Jul 1457.75 597 4453 3568 8420 50 -7 3425 9370 127
Aug 1457.75 604 4527 3568 8420 -24 -15 3425 9370 53
Sep 1457.75 606 4546 3568 8420 -43 -7 3425 9370 34
Feb 1270.5 517 3891 3388 8060 398 12 3425 9370 689
Soybean, Argentina May 1457.75 587 4370 3440 8912 -48 -3 3425 9370 22
June 1457.75 589 4393 3568 8420 -59 13 3425 9370 -1
July 1457.75 590 4401 3568 8420 -67 24 3425 9370 -9
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%.