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Imported Soybean Crushing Margins - 14/10/2019

2019-10-14 www.cofeed.com
Imported Soybean Crushing Margins - 14/10/2019
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 936 411 4,276 2,965 5,936 -806 -51 3,070 6,000 -711
Nov 936 411 4,283 2,965 5,936 -813 -50 3,070 6,000 -718
Soybean, US PNW Oct 936 406 4,230 2,965 5,936 -760 -51 3,070 6,000 -665
Nov 936 406 4,236 2,965 5,936 -766 -50 3,070 6,000 -671
Soybean, Brasil Oct 936 415 3,364 2,965 5,936 166 -57 3,070 6,000 261
Nov 936 415 3,369 2,965 5,936 161 -45 3,070 6,000 256
Dec 950.5 419 3,409 2,890 6,006 75 -53 3,070 6,000 216
Feb, 2020 961 407 3,318 2,890 6,006 166 -49 3,070 6,000 307
Mar, 2020 961 402 3,283 2,890 6,006 201 -46 3,070 6,000 342
Apr, 2020 968.5 403 3,287 2,890 6,006 197 -37 3,070 6,000 338
May, 2020 968.5 405 3,305 2,890 6,006 179 -43 3,070 6,000 320
Jun, 2020 976.75 407 3,323 2,936 6,050 206 -26 3,070 6,000 302
Soybean, Argentina Oct 936 401 3,255 2,965 5,936 156 -16 3,070 6,000 250
Nov 936 402 3,265 2,965 5,936 146 -20 3,070 6,000 240
May, 2020 976.75 394 3,220 2,890 6,006 144 -16 3,070 6,000 285
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.