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Imported Soybean Crushing Margins - 20/11/2019

2019-11-20 www.cofeed.com
Imported Soybean Crushing Margins - 11/20/2019
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 Dec 911.5 409 4,244 2,888 6,376 -751 -26 6,510 3,020 1473
Jan, 2020 911.5 409 4,252 2,888 6,376 -759 -25 6,510 3,020 1465
Soybean,
US PNW
Dec 911.5 400 4,159 2,888 6,376 -666 -31 6,510 3,020 1558
Soybean, Brazil Dec 911.5 409 3,309 2,888 6,376 248 -9 6,510 3,020 2438
Jan, 2020 911.5 407 3,301 2,888 6,376 256 -9 6,510 3,020 2446
Feb, 2020 924.5 395 3,207 2,771 6,388 260 11 6,510 3,020 2540
Mar, 2020 924.5 392 3,181 2,771 6,388 286 14 6,510 3,020 2566
Apr, 2020 936.75 392 3,187 2,771 6,388 280 24 6,510 3,020 2560
May, 2020 936.75 395 3,208 2,771 6,388 259 17 6,510 3,020 2539
Jun, 2020 947.75 398 3,234 2,835 6,302 266 -2 6,510 3,020 2513
Soybean, Argentina Dec 911.5 400 3,233 2,888 6,376 196 -41 6,510 3,020 2454
May, 2020 947.75 385 3,131 2,771 6,388 208 6 6,510 3,020 2556
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.