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Imported Soybean Crushing Margins - 27/9/2019

2019-09-27 www.cofeed.com
Imported Soybean Crushing Margins - 27/9/2019
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 Oct 888.5 389 4,095 2,843 5,908 -727 -38 2,963 5,978 -618
Nov 888.5 391 4,118 2,843 5,908 -750 13 2,963 5,978 -641
Soybean, US PNW Oct 888.5 382 4,015 2,843 5,908 -647 -68 2,963 5,978 -538
Nov 888.5 382 4,019 2,843 5,908 -651 -59 2,963 5,978 -542
Soybean, Brasil Oct 888.5 397 3,251 2,843 5,908 177 -21 2,963 5,978 285
Nov 888.5 400 3,278 2,843 5,908 150 -38 2,963 5,978 258
Dec 902.75 404 3,310 2,744 5,976 53 2,963 5,978 226
Feb, 2020 915 389 3,201 2,744 5,976 162 -44 2,963 5,978 335
Mar, 2020 915 385 3,172 2,744 5,976 191 -30 2,963 5,978 364
Apr, 2020 925.5 387 3,188 2,744 5,976 175 -41 2,963 5,978 348
May, 2020 925.5 389 3,200 2,744 5,976 163 -44 2,963 5,978 336
Jun, 2020 934.25 392 3,226 2,784 6,048 183 -40 2,963 5,978 310
Soybean, Argentina Oct 888.5 388 3,179 2,843 5,908 130 -31 2,963 5,978 238
Nov 888.5 389 3,187 2,843 5,908 122 -29 2,963 5,978 230
May, 2020 934.25 379 3,122 2,744 5,976 121 -31 2,963 5,978 295
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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