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Imported Soybean Crushing Margins - 10/10/2019

2019-10-10 www.cofeed.com
Imported Soybean Crushing Margins - 10/10/2019
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 923.75 404 4,233 2,947 5,980 -769 8 3,038 5,970 -699
Nov 923.75 405 4,253 2,947 5,980 -789 -3 3,038 5,970 -719
Soybean, US PNW Oct 923.75 398 4,168 2,947 5,980 -704 -4 3,038 5,970 -634
Nov 923.75 398 4,176 2,947 5,980 -712 -4 3,038 5,970 -642
Soybean, Brasil Oct 923.75 407 3,323 2,947 5,980 201 -4 3,038 5,970 271
Nov 923.75 408 3,332 2,947 5,980 192 5 3,038 5,970 262
Dec 938 412 3,373 2,862 6,056 99 1 3,038 5,970 221
Feb, 2020 949.75 401 3,290 2,862 6,056 182 15 3,038 5,970 304
Mar, 2020 949.75 397 3,258 2,862 6,056 214 1 3,038 5,970 336
Apr, 2020 959.5 399 3,278 2,862 6,056 194 1 3,038 5,970 316
May, 2020 959.5 400 3,287 2,862 6,056 185 1 3,038 5,970 307
Jun, 2020 968.75 404 3,314 2,902 6,110 201 0 3,038 5,970 280
Soybean, Argentina Oct 923.75 399 3,259 2,947 5,980 146 -3 3,038 5,970 216
Nov 923.75 399 3,265 2,947 5,980 140 -3 3,038 5,970 210
May, 2020 968.75 392 3,221 2,862 6,056 130 1 3,038 5,970 254
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.