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Imported Soybean Crushing Margins - 11/10/2019

2019-10-11 www.cofeed.com
Imported Soybean Crushing Margins - 11/10/2019
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 923.5 406 4,245 2,979 5,984 -755 14 3,045 5,975 -704
Nov 923.5 406 4,253 2,979 5,984 -763 26 3,045 5,975 -712
Soybean, US PNW Oct 923.5 401 4,199 2,979 5,984 -709 -5 3,045 5,975 -658
Nov 923.5 401 4,206 2,979 5,984 -716 -4 3,045 5,975 -665
Soybean, Brasil Oct 923.5 409 3,327 2,979 5,984 223 22 3,045 5,975 274
Nov 923.5 410 3,344 2,979 5,984 206 14 3,045 5,975 257
Dec 937.5 413 3,376 2,900 6,064 128 29 3,045 5,975 225
Feb, 2020 949.5 402 3,289 2,900 6,064 215 33 3,045 5,975 312
Mar, 2020 949.5 398 3,257 2,900 6,064 247 33 3,045 5,975 344
Apr, 2020 959 399 3,270 2,900 6,064 234 40 3,045 5,975 331
May, 2020 959 401 3,282 2,900 6,064 222 37 3,045 5,975 319
Jun, 2020 968.5 404 3,313 2,941 6,108 232 31 3,045 5,975 288
Soybean, Argentina Oct 923.5 400 3,259 2,979 5,984 172 26 3,045 5,975 222
Nov 923.5 400 3,265 2,979 5,984 166 26 3,045 5,975 216
May, 2020 968.5 393 3,223 2,900 6,064 160 30 3,045 5,975 258
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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