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Imported Soybean Crushing Margins - 30/9/2019

2019-09-30 www.cofeed.com
Imported Soybean Crushing Margins - 30/9/2019
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 883 385 4,050 2,879 5,886 -657 70 2,958 5,890 -594
Nov 883 387 4,076 2,879 5,886 -683 67 2,958 5,890 -620
Soybean, US PNW Oct 883 380 3,991 2,879 5,886 -598 49 2,958 5,890 -535
Nov 883 380 3,998 2,879 5,886 -605 46 2,958 5,890 -542
Soybean, Brasil Oct 883 395 3,232 2,879 5,886 220 43 2,958 5,890 283
Nov 883 397 3,250 2,879 5,886 202 52 2,958 5,890 265
Dec 897.5 400 3,279 2,759 5,940 89 36 2,958 5,890 236
Feb, 2020 910 388 3,195 2,759 5,940 173 11 2,958 5,890 320
Mar, 2020 910 383 3,157 2,759 5,940 211 20 2,958 5,890 358
Apr, 2020 920.5 385 3,174 2,759 5,940 194 19 2,958 5,890 341
May, 2020 920.5 387 3,185 2,759 5,940 183 20 2,958 5,890 330
Jun, 2020 929.5 390 3,212 2,798 6,022 203 20 2,958 5,890 303
Soybean, Argentina Oct 883 386 3,160 2,879 5,886 174 44 2,958 5,890 237
Nov 883 387 3,172 2,879 5,886 162 40 2,958 5,890 225
May, 2020 929.5 377 3,108 2,759 5,940 141 20 2,958 5,890 289
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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