Imported Soybean Crushing Margins - 19/12/2019 | |||||||||||
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 | 928.5 | 413 | 4,268 | 2,743 | 6,610 | -845 | -48 | 2,834 | 6,800 | -737 |
Jan, 2020 | 928.5 | 413 | 4,267 | 2,743 | 6,610 | -844 | -45 | 2,834 | 6,800 | -736 | |
Feb, 2020 | 940.5 | 413 | 4,271 | 2,748 | 6,590 | -848 | -46 | 2,834 | 6,800 | -740 | |
Soybean, US PNW |
Dec | 928.5 | 404 | 4,176 | 2,743 | 6,610 | -753 | -60 | 2,834 | 6,800 | -645 |
Soybean, Brazil | Dec | 928.5 | 411 | 3,311 | 2,743 | 6,610 | 178 | 31 | 2,834 | 6,800 | 288 |
Jan, 2020 | 928.5 | 411 | 3,313 | 2,743 | 6,610 | 176 | 4 | 2,834 | 6,800 | 286 | |
Feb, 2020 | 940.5 | 401 | 3,235 | 2,748 | 6,590 | 254 | 8 | 2,834 | 6,800 | 364 | |
Mar, 2020 | 940.5 | 397 | 3,206 | 2,748 | 6,590 | 283 | 5 | 2,834 | 6,800 | 393 | |
Apr, 2020 | 954 | 399 | 3,229 | 2,748 | 6,590 | 260 | 12 | 2,834 | 6,800 | 370 | |
May, 2020 | 954 | 402 | 3,249 | 2,748 | 6,590 | 240 | -2 | 2,834 | 6,800 | 350 | |
Jun, 2020 | 965.5 | 405 | 3,272 | 2,816 | 6,500 | 253 | 2 | 2,834 | 6,800 | 327 | |
Soybean, Argentina | Dec | 928.5 | 412 | 3,317 | 2,743 | 6,610 | 40 | -19 | 2,834 | 6,800 | 146 |
May, 2020 | 965.5 | 392 | 3,174 | 2,748 | 6,590 | 183 | -1 | 2,834 | 6,800 | 289 | |
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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