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Imported Soybean Crushing Margins - 10/12/2019

2019-12-10 www.cofeed.com
Imported Soybean Crushing Margins - 10/12/2019
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 897.25 401 4,176 2,804 6,398 -745 -95 2,938 6,600 -601
Jan, 2020 897.25 401 4,180 2,804 6,398 -749 -95 2,938 6,600 -605
Feb, 2020 911.75 403 4,201 2,773 6,374 -799 2,938 6,600 -626
Soybean,
US PNW		 Dec 897.25 395 4,113 2,804 6,398 -682 -57 2,938 6,600 -538
Soybean, Brazil Dec 897.25 409 3,316 2,804 6,398 179 -55 2,938 6,600 325
Jan, 2020 897.25 403 3,270 2,804 6,398 225 -49 2,938 6,600 371
Feb, 2020 911.75 394 3,200 2,773 6,374 265 -32 2,938 6,600 441
Mar, 2020 911.75 390 3,171 2,773 6,374 294 -32 2,938 6,600 470
Apr, 2020 925.5 392 3,191 2,773 6,374 274 -39 2,938 6,600 450
May, 2020 925.5 394 3,205 2,773 6,374 260 -33 2,938 6,600 436
Jun, 2020 938.75 399 3,244 2,838 6,320 262 -22 2,938 6,600 397
Soybean, Argentina Dec 897.25 395 3,198 2,804 6,398 169 -50 2,938 6,600 311
May, 2020 938.75 383 3,125 2,773 6,374 213 -27 2,938 6,600 384
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.

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