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Imported Soybean Crushing Margins - 31/12/2019

2019-12-31 www.cofeed.com
Imported Soybean Crushing Margins - 31/12/2019
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 952.5 419 4,320 2,785 6,774 -833 -4 2,775 6,990 -800
Feb, 2020 952.5 417 4,308 2,785 6,774 -821 8 2,775 6,990 -788
Mar, 2020 952.5 418 4,320 2,785 6,774 -833 8 2,775 6,990 -800
Soybean,
US PNW
Jan, 2020 952.5 409 4,220 2,785 6,774 -733 14 2,775 6,990 -700
Soybean, Brazil Jan, 2020 952.5 412 3,306 2,785 6,774 249 29 2,775 6,990 284
Feb, 2020 952.5 406 3,265 2,785 6,774 290 12 2,775 6,990 325
Mar, 2020 952.5 403 3,247 2,785 6,774 308 6 2,775 6,990 343
Apr, 2020 966 404 3,256 2,785 6,774 299 19 2,775 6,990 334
May, 2020 966 405 3,268 2,872 6,632 327 17 2,775 6,990 322
Jun, 2020 977.5 409 3,297 2,872 6,632 298 18 2,775 6,990 293
Soybean, Argentina Jan, 2020 952.5 418 3,359 2,785 6,774 60 2,775 6,990 91
May, 2020 977.5 397 3,202 2,872 6,632 261 14 2,775 6,990 248
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.