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Imported Soybean Crushing Margins - 9/12/2019

2019-12-09 www.cofeed.com
Imported Soybean Crushing Margins - 9/12/2019
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 889.5 395 4,105 2,835 6,394 -650 22 2,948 6,510 -539
Jan, 2020 889.5 395 4,109 2,835 6,394 -654 22 2,948 6,510 -543
Soybean,
US PNW
Dec 889.5 392 4,080 2,835 6,394 -625 22 2,948 6,510 -514
Soybean, Brazil Dec 889.5 406 3,284 2,835 6,394 234 32 2,948 6,510 347
Jan, 2020 889.5 400 3,244 2,835 6,394 274 26 2,948 6,510 387
Feb, 2020 903.75 392 3,177 2,781 6,386 297 31 2,948 6,510 454
Mar, 2020 903.75 388 3,148 2,781 6,386 326 31 2,948 6,510 483
Apr, 2020 918.25 388 3,161 2,781 6,386 313 37 2,948 6,510 470
May, 2020 918.25 391 3,181 2,781 6,386 293 32 2,948 6,510 450
Jun, 2020 931.5 397 3,226 2,838 6,340 284 32 2,948 6,510 405
Soybean, Argentina Dec 889.5 392 3,172 2,835 6,394 219 24 2,948 6,510 329
May, 2020 931.5 382 3,106 2,781 6,386 240 45 2,948 6,510 395
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.