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Crush Margins for Imported Soybeans in China--4/23/2021

2021-04-23 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 1533.25 650 4813 3528 9130 -291 -70 3475 9520 -259
Oct 1338.25 594 4437 3619 8404 19 -22 3475 9520 117
Nov 1338.25 591 4410 3619 8404 46 -22 3475 9520 144
Soybean,
US PNW
May 1533.25 648 4798 3528 9130 -276 -70 3475 9520 -244
Oct 1338.25 591 4410 3619 8404 46 -22 3475 9520 144
Nov 1338.25 587 4383 3619 8404 73 -23 3475 9520 171
Soybean,
 Brazil
Apr 1533.25 612 4540 3528 9130 73 -70 3475 9520 109
May 1533.25 615 4568 3528 9130 45 -62 3475 9520 81
Jun 1514.25 613 4560 3663 8690 72 -53 3475 9520 89
Jul 1514.25 619 4605 3663 8690 27 -46 3475 9520 44
Aug 1514.25 626 4669 3663 8690 -37 -41 3475 9520 -20
Sep 1514.25 630 4701 3663 8690 -69 -40 3475 9520 -52
Feb 1308.75 536 4012 3465 8258 377 -29 3475 9520 637
Mar 1308.75 529 3958 3465 8258 431 -29 3475 9520 691
Soybean, Argentina May 1514.25 608 4506 3528 9130 -75 -64 3475 9520 -47
Jun 1514.25 610 4535 3663 8690 -77 -60 3475 9520 -76
Jul 1514.25 611 4552 3663 8690 -94 -59 3475 9520 -93
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%.