Imported Soybean Crushing Margins - 30/7/2019 | |||||||||||
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 | 885.75 | 400 | 3,922 | 2,798 | 5,570 | -653 | -8 | 2,750 | 5,440 | -716 |
Aug | 885.75 | 399 | 3,912 | 2,798 | 5,570 | -643 | -18 | 2,750 | 5,440 | -706 | |
Sept | 904.25 | 398 | 3,901 | 2,819 | 5,736 | -584 | -22 | 2,750 | 5,440 | -695 | |
Oct | 904.25 | 397 | 3,891 | 2,819 | 5,736 | -574 | -6 | 2,750 | 5,440 | -685 | |
Soybean, US PNW | Sept | 904.25 | 394 | 3,866 | 2,819 | 5,736 | -549 | 1 | 2,750 | 5,440 | -660 |
Oct | 904.25 | 395 | 3,875 | 2,819 | 5,736 | -558 | 0 | 2,750 | 5,440 | -669 | |
Soybean, Brasil | Aug | 885.75 | 396 | 3,138 | 2,798 | 5,570 | 186 | 12 | 2,750 | 5,440 | 123 |
Sept | 891.5 | 398 | 3,155 | 2,819 | 5,736 | 219 | 4 | 2,750 | 5,440 | 106 | |
Feb, 2020 | 929.25 | 397 | 3,153 | 2,735 | 5,808 | 169 | -1 | 2,750 | 5,440 | 108 | |
Mar, 2020 | 929.25 | 394 | 3,133 | 2,735 | 5,808 | 189 | -1 | 2,750 | 5,440 | 128 | |
Apr, 2020 | 939 | 396 | 3,144 | 2,735 | 5,808 | 178 | 2 | 2,750 | 5,440 | 117 | |
May, 2020 | 939 | 398 | 3,161 | 2,735 | 5,808 | 161 | 0 | 2,750 | 5,440 | 100 | |
Soybean, Argentina | Aug | 885.75 | 386 | 3,060 | 2,798 | 5,570 | 153 | 4 | 2,750 | 5,440 | 92 |
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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