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Crush Margins for Imported Soybeans in China--3/12/2021

2021-03-12 www.mnk-9.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		 Mar 1413.5 609 4521 3201 9372 -212 55 3306 10200 29
Oct 1243.75 563 4233 3230 8214 -121 52 3306 10200 317
Nov 1243.75 560 4206 3230 8214 -94 52 3306 10200 344
Soybean,
US PNW		 Mar 1413.5 606 4496 3201 9372 -187 55 3306 10200 54
Oct 1243.75 558 4193 3230 8214 -81 51 3306 10200 357
Nov 1243.75 554 4166 3230 8214 -54 51 3306 10200 384
Soybean,
 Brazil		 Mar 1413.5 578 4295 3201 9372 108 70 3306 10200 357
Apr 1413.5 573 4265 3201 9372 138 83 3306 10200 387
May 1413.5 572 4266 3201 9372 137 85 3306 10200 386
Jun 1401.5 571 4289 3288 8512 11 66 3306 10200 363
Jul 1401.5 576 4322 3288 8512 -22 66 3306 10200 330
Aug 1401.5 581 4363 3288 8512 -63 66 3306 10200 289
Sep 1401.5 587 4410 3288 8512 -195 72 3306 10200 140
Soybean, Argentina May 1401.5 570 4253 3201 9372 -37 78 3306 10200 195
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%.

 

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