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Imported Soybean Crushing Margins - 9/10/2019

2019-10-09 www.cofeed.com
Imported Soybean Crushing Margins - 9/10/2019
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 920.5 404 4,246 2,950 5,992 -777 -8 3,018 5,970 -727
Nov 920.5 404 4,255 2,950 5,992 -786 -3 3,018 5,970 -736
Soybean, US PNW Oct 920.5 396 4,169 2,950 5,992 -700 -7 3,018 5,970 -650
Nov 920.5 396 4,177 2,950 5,992 -708 -2 3,018 5,970 -658
Soybean, Brasil Oct 920.5 406 3,324 2,950 5,992 205 -1 3,018 5,970 254
Nov 920.5 408 3,342 2,950 5,992 187 3 3,018 5,970 236
Dec 935.25 411 3,376 2,861 6,068 98 32 3,018 5,970 202
Feb, 2020 947 401 3,307 2,861 6,068 167 30 3,018 5,970 271
Mar, 2020 947 396 3,261 2,861 6,068 213 33 3,018 5,970 317
Apr, 2020 956.75 398 3,281 2,861 6,068 193 30 3,018 5,970 297
May, 2020 956.75 399 3,290 2,861 6,068 184 30 3,018 5,970 288
Jun, 2020 965.5 402 3,316 2,902 6,122 201 34 3,018 5,970 262
Soybean, Argentina Oct 920.5 398 3,260 2,950 5,992 149 -2 3,018 5,970 199
Nov 920.5 398 3,266 2,950 5,992 143 8 3,018 5,970 193
May, 2020 965.5 391 3,223 2,861 6,068 129 28 3,018 5,970 236
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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