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Imported Soybean Crushing Margins - 23/10/2019

2019-10-23 www.cofeed.com
Imported Soybean Crushing Margins - 23/10/2019
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 4,278 3,053 6,114 -704 27 3,183 6,150 -595
Nov 934 410 4,283 3,053 6,114 -709 27 3,183 6,150 -600
Dec 948.25 414 4,336 3,053 6,114 -762 41 3,183 6,150 -653
Soybean, US PNW Nov 934 406 4,240 3,053 6,114 -666 8 3,183 6,150 -557
Dec 948.25 412 4,316 3,053 6,114 -742 -4 3,183 6,150 -633
Soybean, Brasil Oct 934 416 3,379 3,053 6,114 256 18 3,183 6,150 366
Nov 934 416 3,383 3,053 6,114 252 18 3,183 6,150 362
Dec 948.25 426 3,466 3,053 6,114 169 -16 3,183 6,150 279
Feb, 2020 959.75 405 3,313 2,937 6,116 230 20 3,183 6,150 432
Mar, 2020 959.75 401 3,281 2,937 6,116 262 20 3,183 6,150 464
Apr, 2020 968.5 401 3,277 2,937 6,116 266 20 3,183 6,150 468
May, 2020 968.5 402 3,286 2,937 6,116 257 19 3,183 6,150 459
Jun, 2020 976.75 405 3,310 2,990 6,150 282 21 3,183 6,150 435
Soybean, Argentina Oct 934 403 3,276 3,053 6,114 236 16 3,183 6,150 346
Nov 934 404 3,286 3,053 6,114 226 15 3,183 6,150 336
May, 2020 976.75 394 3,222 2,937 6,116 199 -8 3,183 6,150 400
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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