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Imported Soybean Crushing Margins - 28/10/2019

2019-10-28 www.cofeed.com
Imported Soybean Crushing Margins - 28/10/2019
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 920.25 406 4,233 2,998 6,190 -688 4 3,168 6,340 -526
Dec 934.5 410 4,279 2,998 6,190 -734 3 3,168 6,340 -572
Soybean, US PNW Nov 920.25 401 4,184 2,998 6,190 -639 5 3,168 6,340 -477
Dec 920.25 403 4,203 2,998 6,190 -658 5 3,168 6,340 -496
Soybean, Brasil Oct 920.25 412 3,340 2,998 6,190 266 -13 3,168 6,340 431
Nov 920.25 412 3,343 2,998 6,190 263 -10 3,168 6,340 428
Dec 934.5 421 3,413 2,998 6,190 193 -11 3,168 6,340 358
Feb, 2020 946.75 402 3,274 2,882 6,140 231 -5 3,168 6,340 497
Mar, 2020 946.75 401 3,268 2,882 6,140 237 -5 3,168 6,340 503
Apr, 2020 957.5 401 3,265 2,882 6,140 240 12 3,168 6,340 506
May, 2020 957.5 402 3,273 2,882 6,140 232 19 3,168 6,340 498
Jun, 2020 967 407 3,319 2,920 6,118 211 4 3,168 6,340 452
Soybean, Argentina Oct 920.25 395 3,204 2,998 6,190 279 -9 3,168 6,340 440
Nov 920.25 395 3,207 2,998 6,190 276 -7 3,168 6,340 437
May, 2020 967 390 3,177 2,882 6,140 205 -11 3,168 6,340 467
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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