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Imported Soybean Crushing Margins - 6/12/2019

2019-12-06 www.cofeed.com
Imported Soybean Crushing Margins - 6/12/2019
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 Dec 884.25 393 4,091 2,819 6,272 -672 23 2,928 6,480 -547
Jan, 2020 884.25 393 4,095 2,819 6,272 -676 28 2,928 6,480 -551
Soybean,
US PNW
Dec 884.25 390 4,066 2,819 6,272 -647 -13 2,928 6,480 -522
Soybean, Brazil Dec 884.25 405 3,279 2,819 6,272 202 0 2,928 6,480 330
Jan, 2020 884.25 398 3,233 2,819 6,272 248 0 2,928 6,480 376
Feb, 2020 898.75 390 3,167 2,756 6,278 266 23 2,928 6,480 442
Mar, 2020 898.75 386 3,138 2,756 6,278 295 8 2,928 6,480 471
Apr, 2020 913.5 387 3,157 2,756 6,278 276 8 2,928 6,480 452
May, 2020 913.5 389 3,172 2,756 6,278 261 5 2,928 6,480 437
Jun, 2020 926.75 394 3,210 2,806 6,228 252 -12 2,928 6,480 399
Soybean, Argentina Dec 884.25 390 3,161 2,819 6,272 195 -9 2,928 6,480 319
May, 2020 926.75 382 3,112 2,756 6,278 195 -3 2,928 6,480 368
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.