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Imported Soybean Crushing Margins - 25/9/2019

2019-09-25 www.cofeed.com
Imported Soybean Crushing Margins - 25/9/2019
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 894.25 391 4,097 2,874 6,016 -684 -27 2,945 5,980 -634
Oct 894.25 391 4,104 2,874 6,016 -691 -25 2,945 5,980 -641
Nov 907.75 397 4,178 2,874 6,016 -765 -19 2,945 5,980 -715
Soybean, US PNW Oct 894.25 380 3,994 2,874 6,016 -581 13 2,945 5,980 -531
Nov 894.25 381 4,009 2,874 6,016 -596 12 2,945 5,980 -546
Soybean, Brasil Oct 894.25 401 3,288 2,874 6,016 186 17 2,945 5,980 235
Nov 894.25 401 3,294 2,874 6,016 180 15 2,945 5,980 229
Feb, 2020 919 388 3,191 2,784 6,046 218 31 2,945 5,980 332
Mar, 2020 919 387 3,177 2,784 6,046 232 27 2,945 5,980 346
Apr, 2020 928.5 387 3,181 2,784 6,046 228 31 2,945 5,980 342
May, 2020 928.5 388 3,190 2,784 6,046 219 30 2,945 5,980 333
Jun, 2020 936.5 391 3,211 2,819 6,096 235 36 2,945 5,980 312
Soybean, Argentina Oct 894.25 390 3,192 2,874 6,016 161 30 2,945 5,980 211
Nov 894.25 391 3,203 2,874 6,016 150 29 2,945 5,980 200
May, 2020 936.5 380 3,122 2,784 6,046 166 32 2,945 5,980 281
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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