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. |
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