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China DDGS Processing Margin Estimates in Some Production Regions-9/10/2019

2019-10-09 www.cofeed.com
Product Province Corn Price
(RMB/tonne)
Ethanol Price
(RMB/tonne)
Processing Fee
(RMB/tonne)
DDGS Price
(RMB/tonne)
Margin
(RMB/tonne)
China DDGS Jilin 1,710 4,900 1,100 1,860 251
Heilongjiang 1,630 4,850 1,000 1,850 533
Hebei 1,835 5,100 1,050 1,800 75
Henan 1,970 4,900 1,050 2,000 -360

Remarks:
1. Processing Fee is the fee for three tonnes of corn, and the margin is from one tonne of ethanol.
2. Margin is estimated at the average level in this industry, and there may be some difference due to different size of factories.
3. Margin is calculated with the intraday corn price, rather than the inventory cost, so there may also be some difference from actual margin.