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Imported Soybean Crushing Margins - 23/9/2019

2019-09-23 www.cofeed.com
Imported Soybean Crushing Margins - 23/9/2019
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 882.75 381 4,003 2,863 6,060 -590 30 2,933 6,010 -544
Oct 882.75 381 4,009 2,863 6,060 -596 29 2,933 6,010 -550
Nov 896.5 389 4,089 2,863 6,060 -676 26 2,933 6,010 -630
Soybean, US PNW Oct 882.75 376 3,952 2,863 6,060 -539 30 2,933 6,010 -493
Nov 882.75 377 3,965 2,863 6,060 -552 29 2,933 6,010 -506
Soybean, Brasil Sept 882.75 400 3,266 2,863 6,060 208 25 2,933 6,010 253
Oct 882.75 402 3,286 2,863 6,060 188 24 2,933 6,010 233
Nov 882.75 404 3,307 2,863 6,060 167 18 2,933 6,010 212
Feb, 2020 908.75 387 3,184 2,758 6,072 209 12 2,933 6,010 335
Mar, 2020 908.75 385 3,163 2,758 6,072 230 10 2,933 6,010 356
Apr, 2020 919.25 387 3,179 2,758 6,072 214 10 2,933 6,010 340
May, 2020 919.25 389 3,194 2,758 6,072 199 10 2,933 6,010 325
Jun, 2020 928.75 392 3,222 2,793 6,112 207 9 2,933 6,010 297
Soybean, Argentina Oct 882.75 390 3,189 2,863 6,060 164 24 2,933 6,010 210
Nov 882.75 390 3,199 2,863 6,060 154 23 2,933 6,010 200
May, 2020 928.75 379 3,116 2,758 6,072 156 9 2,933 6,010 283
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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