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Imported Soybean Crushing Margins - 17/10/2019

2019-10-17 www.cofeed.com
Imported Soybean Crushing Margins - 17/10/2019
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 928 409 4,271 2,963 6,042 -782 31 3,070 5,990 -708
Nov 928 409 4,285 2,963 6,042 -796 20 3,070 5,990 -722
Soybean, US PNW Oct 928 403 4,213 2,963 6,042 -724 31 3,070 5,990 -650
Nov 928 403 4,227 2,963 6,042 -738 20 3,070 5,990 -664
Soybean, Brasil Oct 928 410 3,336 2,963 6,042 213 25 3,070 5,990 287
Nov 928 410 3,347 2,963 6,042 202 16 3,070 5,990 276
Dec 942.25 415 3,385 2,886 6,084 112 19 3,070 5,990 238
Feb, 2020 954.5 401 3,290 2,886 6,084 207 -23 3,070 5,990 333
Mar, 2020 954.5 398 3,264 2,886 6,084 233 -12 3,070 5,990 359
Apr, 2020 963.25 397 3,260 2,886 6,084 237 -17 3,070 5,990 363
May, 2020 963.25 399 3,275 2,886 6,084 222 -18 3,070 5,990 348
Jun, 2020 972.25 401 3,292 2,930 6,120 247 -4 3,070 5,990 331
Soybean, Argentina Oct 928 398 3,241 2,963 6,042 187 24 3,070 5,990 263
Nov 928 399 3,258 2,963 6,042 170 15 3,070 5,990 246
May, 2020 972.25 386 3,169 2,886 6,084 206 10 3,070 5,990 335
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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