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. |
|||||||||||