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Imported Soybean Crushing Margins - 9/8/2019

2019-08-09 www.cofeed.com
Imported Soybean Crushing Margins - 9/8/2019
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 Aug 883 392 3,941 2,908 5,924 -518 -16 2,845 5,730 -605
Sept 883 389 3,917 2,905 6,044 -474 -11 2,845 5,730 -581
Oct 883 391 3,931 2,905 6,044 -488 -2 2,845 5,730 -595
Soybean, US PNW Aug 883 380 3,823 2,908 5,924 -400 -16 2,845 5,730 -487
Soybean, Brasil Sept 883 406 3,303 2,905 6,044 201 3 2,845 5,730 91
Oct 883 408 3,315 2,905 6,044 189 11 2,845 5,730 79
Nov 883 413 3,350 2,905 6,044 154 10 2,845 5,730 44
Feb, 2020 907.5 391 3,188 2,769 6,080 216 -3 2,845 5,730 206
Mar, 2020 907.5 389 3,173 2,769 6,080 231 -4 2,845 5,730 221
Apr, 2020 918.5 391 3,191 2,769 6,080 213 -3 2,845 5,730 203
May, 2020 918.5 392 3,200 2,769 6,080 204 -3 2,845 5,730 194
Soybean, Argentina Sept 883 390 3,175 2,905 6,044 208 1 2,845 5,730 104
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.