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Imported Soybean Crushing Margins - 29/10/2019

2019-10-29 www.cofeed.com
Imported Soybean Crushing Margins - 29/10/2019
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 920.75 409 4,260 2,994 6,222 -713 -25 3,123 6,360 -584
Dec 935.5 412 4,297 2,994 6,222 -750 -16 3,123 6,360 -621
Soybean,
US PNW		 Nov 920.75 399 4,163 2,994 6,222 -616 23 3,123 6,360 -487
Soybean, Brazil Nov 920.75 412 3,344 2,994 6,222 266 3 3,123 6,360 395
Dec 935.5 416 3,375 2,994 6,222 235 42 3,123 6,360 364
Jan, 2020 935.5 416 3,378 2,994 6,222 232 3,123 6,360 361
Feb, 2020 947.75 405 3,302 2,891 6,174 217 -14 3,123 6,360 437
Mar, 2020 947.75 402 3,276 2,891 6,174 243 6 3,123 6,360 463
Apr, 2020 958.75 402 3,273 2,891 6,174 246 6 3,123 6,360 466
May, 2020 958.75 402 3,279 2,891 6,174 240 8 3,123 6,360 460
Jun, 2020 969 406 3,312 2,928 6,130 227 16 3,123 6,360 427
Soybean, Argentina Oct 920.75 397 3,226 2,994 6,222 259 -20 3,123 6,360 386
Nov 920.75 397 3,226 2,994 6,222 259 -17 3,123 6,360 386
May, 2020 969 390 3,184 2,891 6,174 211 6 3,123 6,360 428
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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