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Crush Margins for Imported Soybeans in China--4/16/2021

2021-04-16 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		 Apr 1418.25 611 4562 3384 8736 -229 27 3323 9210 -187
Oct 1269 567 4286 3475 7982 -24 30 3323 9210 89
Nov 1269 562 4245 3475 7982 17 30 3323 9210 130
Soybean,
US PNW		 Apr 1418.25 608 4537 3384 8736 -204 24 3323 9210 -162
Oct 1269 565 4271 3475 7982 -9 30 3323 9210 104
Nov 1269 560 4230 3475 7982 32 30 3323 9210 145
Soybean,
 Brazil		 Apr 1418.25 574 4294 3384 8736 127 39 3323 9210 173
May 1418.25 576 4317 3384 8736 104 39 3323 9210 150
Jun 1411 579 4345 3509 8244 76 55 3323 9210 122
Jul 1411 584 4381 3509 8244 40 58 3323 9210 86
Aug 1411 587 4433 3509 8244 -12 27 3323 9210 34
Sep 1411 590 4455 3509 8244 -34 27 3323 9210 12
Soybean, Argentina May 1411 573 4295 3384 8736 -49 26 3323 9210 -12
June 1411 577 4331 3509 8244 -75 48 3323 9210 -48
July 1411 579 4345 3509 8244 -89 47 3323 9210 -62
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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