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Crush Margins for Imported Soybeans in China--4/22/2021

2021-04-22 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
May 1497.25 637 4720 3515 9062 -221   3427 9450 -217
Oct 1310.25 584 4384 3602 8312 41 30 3427 9450 119
Nov 1310.25 580 4357 3602 8312 68 30 3427 9450 146
Soybean,
US PNW
May 1497.25 634 4705 3515 9062 -206   3427 9450 -202
Oct 1310.25 580 4357 3602 8312 68 42 3427 9450 146
Nov 1310.25 577 4329 3602 8312 96 43 3427 9450 174
Soybean,
 Brazil
Apr 1497.25 599 4446 3515 9062 143 29 3427 9450 151
May 1497.25 603 4482 3515 9062 107 10 3427 9450 115
Jun 1479.5 601 4477 3646 8606 125 31 3427 9450 120
Jul 1479.5 608 4529 3646 8606 73 23 3427 9450 68
Aug 1479.5 613 4598 3646 8606 4 28 3427 9450 -1
Sep 1479.5 618 4631 3646 8606 -29 14 3427 9450 -34
Feb 1281.25 526 3957 3446 8204 406 8 3427 9450 640
Mar 1281.25 519 3903 3446 8204 460   3427 9450 694
Soybean, Argentina May 1479.5 595 4419 3515 9062 -11 37 3427 9450 -11
Jun 1479.5 598 4446 3646 8606 -17 42 3427 9450 -38
Jul 1479.5 599 4464 3646 8606 -35 32 3427 9450 -56
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%.