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Imported Soybean Crushing Margins - 21/11/2019

2019-11-21 www.cofeed.com
Imported Soybean Crushing Margins - 21/11/2019
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 905 406 4,225 2,888 6,382 -731 20 3,013 6,600 -591
Jan, 2020 905 406 4,234 2,888 6,382 -740 19 3,013 6,600 -600
Soybean,
US PNW
Dec 905 398 4,142 2,888 6,382 -648 18 3,013 6,600 -508
Soybean, Brazil Dec 905 407 3,296 2,888 6,382 262 14 3,013 6,600 404
Jan, 2020 905 405 3,288 2,888 6,382 270 14 3,013 6,600 412
Feb, 2020 919 393 3,198 2,767 6,396 267 7 3,013 6,600 502
Mar, 2020 919 390 3,172 2,767 6,396 293 7 3,013 6,600 528
Apr, 2020 932 390 3,182 2,767 6,396 283 3 3,013 6,600 518
May, 2020 932 393 3,203 2,767 6,396 262 3 3,013 6,600 497
Jun, 2020 943.75 396 3,231 2,829 6,314 267 1 3,013 6,600 469
Soybean, Argentina Dec 905 397 3,220 2,888 6,382 210 14 3,013 6,600 348
May, 2020 943.75 383 3,128 2,767 6,396 209 1 3,013 6,600 440
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.