Imported Soybean Crushing Margins - 29/7/2019 | |||||||||||
Products | Delivery | CBOT | CNF China | Duty-paid RMB/MT | DCE Soybean Meal | DCE Soybean Oil | DCE Gross Margin | Var. | SM | SO Spot | SCM |
USD/MT | Spot | ||||||||||
Soybean, US Gulf | Jul | 883.25 | 397 | 3,893 | 2,775 | 5,558 | -645 | 2 | 2,755 | 5,390 | -692 |
Aug | 883.25 | 395 | 3,873 | 2,775 | 5,558 | -625 | 3 | 2,755 | 5,390 | -672 | |
Sept | 901 | 394 | 3,866 | 2,807 | 5,720 | -562 | 0 | 2,755 | 5,390 | -665 | |
Oct | 901 | 395 | 3,872 | 2,807 | 5,720 | -568 | -1 | 2,755 | 5,390 | -671 | |
Soybean, US PNW | Sept | 901 | 393 | 3,854 | 2,807 | 5,720 | -550 | 0 | 2,755 | 5,390 | -653 |
Oct | 901 | 394 | 3,862 | 2,807 | 5,720 | -558 | -1 | 2,755 | 5,390 | -661 | |
Soybean, Brasil | Aug | 883.25 | 395 | 3,130 | 2,775 | 5,558 | 174 | 3 | 2,755 | 5,390 | 124 |
Sept | 888.75 | 397 | 3,147 | 2,807 | 5,720 | 215 | 4 | 2,755 | 5,390 | 107 | |
Feb, 2020 | 925.75 | 395 | 3,142 | 2,726 | 5,794 | 170 | 1 | 2,755 | 5,390 | 112 | |
Mar, 2020 | 925.75 | 393 | 3,122 | 2,726 | 5,794 | 190 | 2 | 2,755 | 5,390 | 132 | |
Apr, 2020 | 935.75 | 395 | 3,136 | 2,726 | 5,794 | 176 | 2 | 2,755 | 5,390 | 118 | |
May, 2020 | 935.75 | 397 | 3,151 | 2,726 | 5,794 | 161 | 1 | 2,755 | 5,390 | 103 | |
Soybean, Argentina | Aug | 883.25 | 384 | 3,044 | 2,775 | 5,558 | 149 | 3 | 2,755 | 5,390 | 103 |
Remarks: 1. SM Spot: soybean meal spot price; SO spot: soybean oil spot price, SCM: spot crushing margin. 2. CBOT Price is the closing price last night, and DCE Price is the intraday price at about 11:12 a.m.. 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. U.S. soybean is posed with an additional tariff of 25% since July 6th, 2018. |
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