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Imported Soybean Crushing Margins - 12/11/2019

2019-11-12 www.cofeed.com
Imported Soybean Crushing Margins - 11/12/2019
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 917 406 4,205 2,860 6,452 -720 26 3,029 6,700 -539
Dec 917 407 4,216 2,860 6,452 -731 18 3,029 6,700 -550
Soybean,
US PNW
Nov 905 397 4,112 2,860 6,452 -627 -6 3,029 6,700 -446
Soybean, Brazil Nov 917 408 3,286 2,860 6,452 264 15 3,029 6,700 447
Dec 917 408 3,286 2,860 6,452 264 18 3,029 6,700 447
Jan, 2020 917 407 3,283 2,860 6,452 267 9 3,029 6,700 450
Feb, 2020 930.5 395 3,192 2,764 6,370 266 49 3,029 6,700 541
Mar, 2020 930.5 392 3,171 2,764 6,370 287 49 3,029 6,700 562
Apr, 2020 942.75 392 3,174 2,764 6,370 284 45 3,029 6,700 559
May, 2020 942.75 394 3,192 2,764 6,370 266 44 3,029 6,700 541
Jun, 2020 953.5 398 3,223 2,821 6,276 261 45 3,029 6,700 510
Soybean, Argentina Dec 917 393 3,170 2,860 6,452 251 26 3,029 6,700 429
May, 2020 953.5 387 3,135 2,764 6,370 195 24 3,029 6,700 464
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.