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Crush Margins for Imported Soybeans in China--4/25/2021

2021-04-25 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 1539.75 652 4833 3477 9122 -353 -62 3486 9590 -257
Oct 1341.5 596 4467 3577 8356 -54 -73 3486 9590 109
Nov 1341.5 592 4440 3577 8356 -27 -73 3486 9590 136
Soybean,
US PNW
May 1539.75 650 4818 3477 9122 -338 -62 3486 9590 -242
Oct 1341.5 592 4440 3577 8356 -27 -73 3486 9590 136
Nov 1341.5 588 4413 3577 8356 0 -73 3486 9590 163
Soybean,
 Brazil
Apr 1539.75 615 4560 3477 9122 11 -62 3486 9590 112
May 1539.75 617 4588 3477 9122 -17 -62 3486 9590 84
Jun 1516 612 4563 3616 8620 18 -54 3486 9590 109
Jul 1516 617 4599 3616 8620 -18 -45 3486 9590 73
Aug 1516 627 4696 3616 8620 -115 -78 3486 9590 -24
Sep 1516 631 4728 3616 8620 -147 -78 3486 9590 -56
Feb 1311.75 537 4039 3430 8266 324 -53 3486 9590 633
Mar 1311.75 529 3977 3430 8266 386 -45 3486 9590 695
Soybean, Argentina May 1516 608 4523 3477 9122 -134 -59 3486 9590 -43
Jun 1516 610 4537 3616 8620 -129 -52 3486 9590 -57
Jul 1516 612 4559 3616 8620 -151 -57 3486 9590 -79
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%.