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Imported Soybean Crushing Margins - 22/8/2019

2019-08-22 www.cofeed.com
Imported Soybean Crushing Margins - 22/8/2019
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 Sept 873 385 3,877 2,917 6,172 -400 1 2,883 6,080 -444
Oct 873 389 3,921 2,917 6,172 -444 -11 2,883 6,080 -488
Nov 873 389 3,933 2,917 6,172 -456 0 2,883 6,080 -500
Soybean, US PNW Oct 873 379 3,826 2,917 6,172 -349 0 2,883 6,080 -393
Soybean, Brasil Sept 873 409 3,330 2,917 6,172 209 8 2,883 6,080 164
Oct 873 409 3,332 2,917 6,172 207 17 2,883 6,080 162
Feb, 2020 900.25 387 3,167 2,724 6,160 217 -4 2,883 6,080 327
Mar, 2020 900.25 386 3,161 2,724 6,160 223 -33 2,883 6,080 333
Apr, 2020 911.75 387 3,171 2,724 6,160 213 -30 2,883 6,080 323
May, 2020 911.75 388 3,180 2,724 6,160 204 -27 2,883 6,080 314
Soybean, Argentina Oct 873 399 3,254 2,917 6,172 161 4 2,883 6,080 118
May, 2020 922 380 3,110 2,724 6,160 151 -19 2,883 6,080 262
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.