Imported Soybean Crushing Margins - 24/10/2019 | |||||||||||
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 | Nov | 933.75 | 412 | 4,295 | 3,052 | 6,060 | -733 | -24 | 3,165 | 6,150 | -626 |
Dec | 948.25 | 417 | 4,354 | 3,052 | 6,060 | -792 | -30 | 3,165 | 6,150 | -685 | |
Soybean, US PNW | Nov | 933.75 | 406 | 4,236 | 3,052 | 6,060 | -674 | -8 | 3,165 | 6,150 | -567 |
Dec | 948.25 | 413 | 4,309 | 3,052 | 6,060 | -747 | -5 | 3,165 | 6,150 | -640 | |
Soybean, Brasil | Oct | 933.75 | 412 | 3,341 | 3,052 | 6,060 | 282 | 26 | 3,165 | 6,150 | 389 |
Nov | 933.75 | 417 | 3,382 | 3,052 | 6,060 | 241 | -11 | 3,165 | 6,150 | 348 | |
Dec | 948.25 | 419 | 3,401 | 3,052 | 6,060 | 222 | 53 | 3,165 | 6,150 | 329 | |
Feb, 2020 | 959.5 | 408 | 3,326 | 2,930 | 6,058 | 200 | -30 | 3,165 | 6,150 | 404 | |
Mar, 2020 | 959.5 | 405 | 3,297 | 2,930 | 6,058 | 229 | -33 | 3,165 | 6,150 | 433 | |
Apr, 2020 | 968 | 404 | 3,293 | 2,930 | 6,058 | 233 | -33 | 3,165 | 6,150 | 437 | |
May, 2020 | 968 | 406 | 3,310 | 2,930 | 6,058 | 216 | -41 | 3,165 | 6,150 | 420 | |
Jun, 2020 | 976.5 | 409 | 3,332 | 2,972 | 6,068 | 229 | -53 | 3,165 | 6,150 | 398 | |
Soybean, Argentina | Oct | 933.75 | 402 | 3,261 | 3,052 | 6,060 | 241 | 5 | 3,165 | 6,150 | 346 |
Nov | 933.75 | 403 | 3,270 | 3,052 | 6,060 | 232 | 6 | 3,165 | 6,150 | 337 | |
May, 2020 | 976.5 | 393 | 3,204 | 2,930 | 6,058 | 201 | 2 | 3,165 | 6,150 | 403 | |
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. |
|||||||||||