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Imported Soybean Crushing Margins - 25/12/2019

2019-12-25 www.cofeed.com
Imported Soybean Crushing Margins - 25/12/2019
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 Jan, 2020 936.5 418 4,328 2,742 6,560 -915 7 2,795 6,805 -827
Feb, 2020 944.75 415 4,299 2,742 6,560 -886 7 2,795 6,805 -798
Mar, 2020 944.75 415 4,308 2,742 6,560 -895 6 2,795 6,805 -807
Soybean,
US PNW
Jan, 2020 936.5 403 4,179 2,742 6,560 -766 7 2,795 6,805 -678
Soybean, Brazil Dec 936.5 415 3,343 2,709 6,510 99 -20 2,795 6,805 226
Jan, 2020 936.5 414 3,338 2,742 6,560 140 8 2,795 6,805 231
Feb, 2020 944.75 405 3,272 2,742 6,560 206 7 2,795 6,805 297
Mar, 2020 944.75 402 3,248 2,742 6,560 230 7 2,795 6,805 321
Apr, 2020 957.75 402 3,259 2,742 6,560 219 9 2,795 6,805 310
May, 2020 957.75 404 3,273 2,742 6,560 205 9 2,795 6,805 296
Jun, 2020 969.25 408 3,303 2,814 6,472 214 -6 2,795 6,805 266
Soybean, Argentina Dec 936.5 420 3,384 2,709 6,510 -72 -21 2,795 6,805 49
May, 2020 969.25 394 3,190 2,742 6,560 157 8 2,795 6,805 243
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.