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Imported Soybean Crushing Margins - 26/9/2019

2019-09-26 www.cofeed.com
Imported Soybean Crushing Margins - 26/9/2019
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 889.25 389 4,086 2,864 6,006 -682 2 2,963 5,980 -609
Oct 889.25 389 4,093 2,864 6,006 -689 2 2,963 5,980 -616
Nov 903.25 396 4,167 2,864 6,006 -763 2 2,963 5,980 -690
Soybean, US PNW Oct 889.25 378 3,983 2,864 6,006 -579 2 2,963 5,980 -506
Nov 889.25 379 3,996 2,864 6,006 -592 4 2,963 5,980 -519
Soybean, Brasil Oct 889.25 399 3,266 2,864 6,006 198 12 2,963 5,980 271
Nov 889.25 400 3,276 2,864 6,006 188 8 2,963 5,980 261
Feb, 2020 915 387 3,186 2,762 6,048 206 -12 2,963 5,980 351
Mar, 2020 915 385 3,171 2,762 6,048 221 -11 2,963 5,980 366
Apr, 2020 924.75 386 3,176 2,762 6,048 216 -12 2,963 5,980 361
May, 2020 924.75 387 3,185 2,762 6,048 207 -12 2,963 5,980 352
Jun, 2020 933.5 390 3,208 2,796 6,110 223 -12 2,963 5,980 329
Soybean, Argentina Oct 889.25 388 3,183 2,864 6,006 161 0 2,963 5,980 234
Nov 889.25 389 3,193 2,864 6,006 151 1 2,963 5,980 224
May, 2020 933.5 379 3,119 2,762 6,048 152 -14 2,963 5,980 298
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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