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Imported Soybean Crushing Margins - 8/10/2019

2019-10-08 www.cofeed.com
Imported Soybean Crushing Margins - 8/10/2019
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 915.25 402 4,215 2,933 5,944 -769 -112 2,960 5,910 -754
Nov 915.25 402 4,229 2,933 5,944 -783 -100 2,960 5,910 -768
Soybean, US PNW Oct 915.25 394 4,139 2,933 5,944 -693 -95 2,960 5,910 -678
Nov 915.25 394 4,152 2,933 5,944 -706 -101 2,960 5,910 -691
Soybean, Brasil Oct 915.25 404 3,300 2,933 5,944 206 -14 2,960 5,910 220
Nov 915.25 406 3,322 2,933 5,944 184 -18 2,960 5,910 198
Dec 929.5 409 3,354 2,808 6,006 66 -23 2,960 5,910 166
Feb, 2020 940.5 399 3,283 2,808 6,006 137 -36 2,960 5,910 237
Mar, 2020 940.5 394 3,240 2,808 6,006 180 -31 2,960 5,910 280
Apr, 2020 950.25 396 3,257 2,808 6,006 163 -31 2,960 5,910 263
May, 2020 950.25 397 3,266 2,808 6,006 154 -29 2,960 5,910 254
Jun, 2020 959 400 3,291 2,840 6,072 167 -36 2,960 5,910 229
Soybean, Argentina Oct 915.25 396 3,236 2,933 5,944 151 -23 2,960 5,910 166
Nov 915.25 397 3,252 2,933 5,944 135 -27 2,960 5,910 150
May, 2020 959 388 3,198 2,808 6,006 101 -40 2,960 5,910 204
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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