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Imported Soybean Crushing Margins - 16/10/2019

2019-10-16 www.cofeed.com
Imported Soybean Crushing Margins - 16/10/2019
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 934 411 4,299 2,976 5,974 -813 16 3,070 5,930 -747
Nov 934 411 4,302 2,976 5,974 -816 18 3,070 5,930 -750
Soybean, US PNW Oct 934 405 4,241 2,976 5,974 -755 28 3,070 5,930 -689
Nov 934 405 4,244 2,976 5,974 -758 30 3,070 5,930 -692
Soybean, Brasil Oct 934 412 3,358 2,976 5,974 188 40 3,070 5,930 253
Nov 934 412 3,360 2,976 5,974 186 42 3,070 5,930 251
Dec 948.5 417 3,401 2,894 6,040 93 49 3,070 5,930 210
Feb, 2020 959.25 398 3,264 2,894 6,040 230 94 3,070 5,930 347
Mar, 2020 959.25 397 3,249 2,894 6,040 245 74 3,070 5,930 362
Apr, 2020 967 395 3,240 2,894 6,040 254 86 3,070 5,930 371
May, 2020 967 397 3,254 2,894 6,040 240 90 3,070 5,930 357
Jun, 2020 976.25 401 3,284 2,936 6,078 251 77 3,070 5,930 327
Soybean, Argentina Oct 934 400 3,263 2,976 5,974 163 23 3,070 5,930 230
Nov 934 401 3,271 2,976 5,974 155 25 3,070 5,930 222
May, 2020 976.25 387 3,177 2,894 6,040 196 81 3,070 5,930 316
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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