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Imported Soybean Crushing Margins - 30/7/2019

2019-07-30 www.cofeed.com
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.