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Imported Soybean Crushing Margins - 21/10/2019

2019-10-21 www.cofeed.com
Imported Soybean Crushing Margins - 21/10/2019
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 934 410 4,274 3,039 6,042 -725 48 3,075 6,080 -690
Nov 934 411 4,290 3,039 6,042 -741 49 3,075 6,080 -706
Soybean, US PNW Oct 934 405 4,228 3,039 6,042 -679 48 3,075 6,080 -644
Nov 934 405 4,233 3,039 6,042 -684 48 3,075 6,080 -649
Soybean, Brasil Oct 934 414 3,359 3,039 6,042 250 38 3,075 6,080 286
Nov 934 414 3,363 3,039 6,042 246 38 3,075 6,080 282
Dec 947.5 417 3,391 2,929 6,052 133 12 3,075 6,080 254
Feb, 2020 959.25 403 3,292 2,929 6,052 232 23 3,075 6,080 353
Mar, 2020 959.25 400 3,265 2,929 6,052 259 24 3,075 6,080 380
Apr, 2020 967.5 400 3,263 2,929 6,052 261 30 3,075 6,080 382
May, 2020 967.5 401 3,275 2,929 6,052 249 26 3,075 6,080 370
Jun, 2020 976 403 3,288 2,982 6,086 285 28 3,075 6,080 357
Soybean, Argentina Oct 934 403 3,273 3,039 6,042 215 28 3,075 6,080 251
Nov 934 404 3,283 3,039 6,042 205 28 3,075 6,080 241
May, 2020 976 390 3,186 2,929 6,052 217 5 3,075 6,080 338
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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