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Imported Soybean Crushing Margins - 18/12/2019

2019-12-18 www.cofeed.com
Imported Soybean Crushing Margins - 18/12/2019
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 928.75 410 4,236 2,763 6,610 -797 -29 2,843 6,800 -698
Jan, 2020 928.75 409 4,238 2,763 6,610 -799 -30 2,843 6,800 -700
Feb, 2020 940.75 410 4,239 2,768 6,578 -802 -7 2,843 6,800 -701
Soybean,
US PNW		 Dec 928.75 399 4,132 2,763 6,610 -693 -28 2,843 6,800 -594
Soybean, Brazil Dec 928.75 417 3,358 2,763 6,610 147 -24 2,843 6,800 248
Jan, 2020 928.75 413 3,333 2,763 6,610 172 -26 2,843 6,800 273
Feb, 2020 940.75 403 3,256 2,768 6,578 246 -7 2,843 6,800 350
Mar, 2020 940.75 398 3,224 2,768 6,578 278 -1 2,843 6,800 382
Apr, 2020 954.25 402 3,254 2,768 6,578 248 -5 2,843 6,800 352
May, 2020 954.25 403 3,260 2,768 6,578 242 -5 2,843 6,800 346
Jun, 2020 966 406 3,286 2,836 6,484 251 -3 2,843 6,800 320
Soybean, Argentina Dec 928.75 412 3,314 2,763 6,610 59 -23 2,843 6,800 156
May, 2020 966 393 3,187 2,768 6,578 184 -3 2,843 6,800 283
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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