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Imported Soybean Crushing Margins - 20/9/2019

2019-09-20 www.cofeed.com
Imported Soybean Crushing Margins - 20/9/2019
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 893 385 4,030 2,863 6,042 -620 36 2,935 6,060 -560
Oct 893 385 4,035 2,863 6,042 -625 60 2,935 6,060 -565
Nov 906 392 4,112 2,863 6,042 -702 39 2,935 6,060 -642
Soybean, US PNW Oct 893 380 3,979 2,863 6,042 -569 -27 2,935 6,060 -509
Nov 893 380 3,991 2,863 6,042 -581 -26 2,935 6,060 -521
Soybean, Brasil Sept 893 404 3,287 2,863 6,042 183 -9 2,935 6,060 244
Oct 893 406 3,306 2,863 6,042 164 -9 2,935 6,060 225
Nov 893 407 3,321 2,863 6,042 149 -12 2,935 6,060 210
Feb, 2020 918.25 391 3,204 2,766 6,078 197 0 2,935 6,060 327
Mar, 2020 918.25 388 3,181 2,766 6,078 220 -1 2,935 6,060 350
Apr, 2020 928.75 390 3,197 2,766 6,078 204 1 2,935 6,060 334
May, 2020 928.75 392 3,212 2,766 6,078 189 -8 2,935 6,060 319
Jun, 2020 937.5 395 3,237 2,801 6,112 198 -7 2,935 6,060 294
Soybean, Argentina Oct 893 393 3,209 2,863 6,042 140 -1 2,935 6,060 200
Nov 893 394 3,218 2,863 6,042 131 -7 2,935 6,060 191
May, 2020 937.5 382 3,132 2,766 6,078 147 -11 2,935 6,060 277
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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