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Imported Soybean Crushing Margins - 22/10/2019

2019-10-22 www.cofeed.com
Imported Soybean Crushing Margins - 22/10/2019
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 933.25 411 4,282 3,046 6,026 -731 -6 3,145 6,070 -644
Nov 933.25 411 4,287 3,046 6,026 -736 5 3,145 6,070 -649
Dec 946.75 417 4,354 3,046 6,026 -803 3,145 6,070 -716
Soybean, US PNW Nov 933.25 405 4,225 3,046 6,026 -674 10 3,145 6,070 -587
Dec 946.75 410 4,289 3,046 6,026 -738 3,145 6,070 -651
Soybean, Brasil Oct 933.25 416 3,374 3,046 6,026 238 -12 3,145 6,070 325
Nov 933.25 416 3,378 3,046 6,026 234 -12 3,145 6,070 321
Dec 946.75 421 3,427 3,046 6,026 185 52 3,145 6,070 272
Feb, 2020 959 405 3,305 2,923 6,028 210 -22 3,145 6,070 394
Mar, 2020 959 401 3,273 2,923 6,028 242 -17 3,145 6,070 426
Apr, 2020 967.5 400 3,269 2,923 6,028 246 -15 3,145 6,070 430
May, 2020 967.5 402 3,277 2,923 6,028 238 -11 3,145 6,070 422
Jun, 2020 975.5 404 3,301 2,974 6,064 261 -24 3,145 6,070 398
Soybean, Argentina Oct 933.25 403 3,271 3,046 6,026 220 5 3,145 6,070 306
Nov 933.25 403 3,280 3,046 6,026 211 6 3,145 6,070 297
May, 2020 975.5 390 3,187 2,923 6,028 207 -10 3,145 6,070 390
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.