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Imported Soybean Crushing Margins - 24/10/2019

2019-10-24 www.cofeed.com
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.