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China DDGS Processing Margin Estimates in Some Production Regions-3/12/2019

2019-12-03 www.cofeed.com
Product Province Corn Price
(RMB/tonne)
Ethanol Price
(RMB/tonne)
Processing Fee
(RMB/tonne)
DDGS Price
(RMB/tonne)
Margin
(RMB/tonne)
China DDGS Jilin 1,680 5,000 1,100 1,700 305
Heilongjiang 1,644 4,900 1,000 1,670 388
Hebei 1,910 5,050 1,050 1,700 -285
Henan 1,910 5,100 1,050 1,850 -108

Remarks:
1. Processing Fee is the fee for three tonnes of corn, and the margin is from one tonne of ethanol.
2. Margin is estimated at the average level in this industry, and there may be some difference due to different size of factories.
3. Margin is calculated with the intraday corn price, rather than the inventory cost, so there may also be some difference from actual margin.