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Imported Soybean Crushing Margins - 19/9/2019

2019-09-19 www.cofeed.com
Imported Soybean Crushing Margins - 19/9/2019
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 888.75 390 4,087 2,869 6,128 -656 25 2,930 6,120 -610
Oct 888.75 392 4,116 2,869 6,128 -685 23 2,930 6,120 -639
Nov 902.25 397 4,172 2,869 6,128 -741 12 2,930 6,120 -695
Soybean, US PNW Oct 888.75 378 3,973 2,869 6,128 -542 13 2,930 6,120 -496
Nov 888.75 379 3,986 2,869 6,128 -555 12 2,930 6,120 -509
Soybean, Brasil Sept 888.75 405 3,300 2,869 6,128 192 -1 2,930 6,120 239
Oct 888.75 406 3,319 2,869 6,128 173 -5 2,930 6,120 220
Nov 888.75 407 3,331 2,869 6,128 161 -10 2,930 6,120 208
Feb, 2020 915.25 392 3,221 2,768 6,154 197 19 2,930 6,120 318
Mar, 2020 915.25 389 3,197 2,768 6,154 221 10 2,930 6,120 342
Apr, 2020 926.25 391 3,215 2,768 6,154 203 9 2,930 6,120 324
May, 2020 926.25 392 3,221 2,768 6,154 197 27 2,930 6,120 318
Jun, 2020 936 396 3,249 2,806 6,188 205 2,930 6,120 290
Soybean, Argentina Oct 888.75 395 3,229 2,869 6,128 141 8 2,930 6,120 187
Nov 888.75 395 3,232 2,869 6,128 138 12 2,930 6,120 184
May, 2020 936 382 3,136 2,768 6,154 158 8 2,930 6,120 280
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.；U.S. soybean is posed with an additional tariff of 5% since Sept 1th, 2018.

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