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Imported Soybean Crushing Margins - 23/12/2019

2019-12-23 www.cofeed.com
Imported Soybean Crushing Margins - 23/12/2019
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 928.25 411 4,258 2,735 6,554 -852 -7 2,809 6,850 -737
Jan, 2020 928.25 411 4,256 2,735 6,554 -850 -5 2,809 6,850 -735
Feb, 2020 938.25 412 4,270 2,747 6,578 -850 -19 2,809 6,850 -749
Soybean,
US PNW		 Dec 928.25 404 4,181 2,735 6,554 -775 -22 2,809 6,850 -660
Soybean, Brazil Dec 928.25 411 3,315 2,735 6,554 156 -21 2,809 6,850 274
Jan, 2020 928.25 409 3,301 2,735 6,554 170 -22 2,809 6,850 288
Feb, 2020 938.25 400 3,234 2,747 6,578 252 -17 2,809 6,850 355
Mar, 2020 938.25 395 3,196 2,747 6,578 290 -8 2,809 6,850 393
Apr, 2020 951.25 398 3,227 2,747 6,578 259 -15 2,809 6,850 362
May, 2020 951.25 401 3,247 2,747 6,578 239 -15 2,809 6,850 342
Jun, 2020 962.5 404 3,269 2,818 6,488 255 -9 2,809 6,850 320
Soybean, Argentina Dec 928.25 412 3,321 2,735 6,554 19 -18 2,809 6,850 131
May, 2020 962.5 391 3,171 2,747 6,578 183 -12 2,809 6,850 281
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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