Today is 11/16/2024
| Theoretical Crushing Margins for Imported U.S. Soybean (RMB/tonne, July shipment) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Dalian, Liaoning | 5,370 | 2,840 | 3,264 | 3,893 | 150 | -779 | 3,826 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,218 | 3,893 | 150 | -825 | 3,824 |
| Costal Shandong | 5,400 | 2,780 | 3,222 | 3,893 | 150 | -821 | 3,819 |
| Jiangsu | 5,460 | 2,750 | 3,210 | 3,893 | 150 | -833 | 3,805 |
| Guangdong | 5,470 | 2,730 | 3,196 | 3,893 | 150 | -847 | 3,802 |
| Theoretical Crushing Margins for Imported U.S. PNW Soybean (RMB/tonne,Sep. shipment) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Dalian, Liaoning | 5,370 | 2,840 | 3,264 | 3,854 | 150 | -740 | 3,777 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,218 | 3,854 | 150 | -786 | 3,774 |
| Costal Shandong | 5,400 | 2,780 | 3,222 | 3,854 | 150 | -782 | 3,770 |
| Jiangsu | 5,460 | 2,750 | 3,210 | 3,854 | 150 | -794 | 3,755 |
| Guangdong | 5,470 | 2,730 | 3,196 | 3,854 | 150 | -808 | 3,753 |
| Theoretical Crushing Margins for Imported Brazilian Soybean (RMB/tonne, Aug. shipment) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Dalian, Liaoning | 5,370 | 2,840 | 3,318 | 3,130 | 150 | 38 | 2,792 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,272 | 3,130 | 150 | -8 | 2,790 |
| Costal Shandong | 5,400 | 2,780 | 3,276 | 3,130 | 150 | -4 | 2,785 |
| Jiangsu | 5,460 | 2,750 | 3,265 | 3,130 | 150 | -16 | 2,770 |
| Guangdong | 5,470 | 2,730 | 3,251 | 3,130 | 150 | -29 | 2,767 |
| Theoretical Crushing Margins for Imported Argentine Soybean (RMB/tonne, July shipment) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Dalian, Liaoning | 5,370 | 2,840 | 3,210 | 3,044 | 150 | 16 | 2,819 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,165 | 3,044 | 150 | -29 | 2,817 |
| Costal Shandong | 5,400 | 2,780 | 3,168 | 3,044 | 150 | -26 | 2,813 |
| Jiangsu | 5,460 | 2,750 | 3,155 | 3,044 | 150 | -39 | 2,799 |
| Guangdong | 5,470 | 2,730 | 3,141 | 3,044 | 150 | -53 | 2,797 |
| Crushing Margins for Port Distributed Soybean (RMB/tonne) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Dalian, Liaoning | 5,370 | 2,840 | 3,237 | 3,580 | 150 | -493 | 3,464 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,192 | 3,580 | 150 | -539 | 3,462 |
| Costal Shandong | 5,400 | 2,780 | 3,195 | 3,580 | 150 | -535 | 3,457 |
| Jiangsu | 5,460 | 2,750 | 3,183 | 3,580 | 150 | -547 | 3,443 |
| Guangdong | 5,470 | 2,730 | 3,169 | 3,580 | 150 | -561 | 3,441 |
| Crushing Margins for Domestic Soybean (RMB/tonne) | |||||||
| Region | Income | Expenditure | Margin | Soybean Break-even Price | |||
| Soybean Oil | Soybean Meal | Total | Soybean Cost | Crushing Cost | |||
| Heilongjiang | 5,520 | 2,990 | 3,275 | 3,400 | 160 | -285 | 3,346 |
| Dalian, Liaoning | 5,370 | 2,840 | 3,131 | 3,520 | 160 | -549 | 3,526 |
| Qinhuangdao, Hebei | 5,380 | 2,780 | 3,085 | 3,540 | 160 | -615 | 3,549 |
| Boxing, Shandong | 5,420 | 2,790 | 3,099 | 3,560 | 160 | -621 | 3,566 |
Remarks:
1. Domestic soybean cost: soybean purchasing price + freight to the factory (Heilongjiang)
2. Oil extraction rate at 16%, and meal at 80%.
3. Estimated margins and actual profit in mills may have some differences as mills usually use their inventories or have already locked the cost previously, which may be different from intraday soybean cost on the basis of the CBOT price.
4. Soybean Break-even Price is calculated with intraday soybean cost and soybean oil price, and when the crush margins is ZERO, then it is soybean break-even price.