Imported Soybean Crushing Margins - 10/1/2020 | |||||||||||
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 | 943.5 | 414 | 4,245 | 2,682 | 6,872 | -821 | -13 | 2,729 | 7,250 | -712 |
Feb | 943.5 | 415 | 4,257 | 2,682 | 6,872 | -833 | -13 | 2,729 | 7,250 | -724 | |
Mar | 943.5 | 417 | 4,276 | 2,682 | 6,872 | -852 | -16 | 2,729 | 7,250 | -743 | |
Soybean, US PNW |
Jan | 943.5 | 404 | 4,140 | 2,682 | 6,872 | -716 | -13 | 2,729 | 7,250 | -607 |
Soybean, Brazil | Jan | 943.5 | 409 | 3,262 | 2,682 | 6,872 | 231 | -16 | 2,729 | 7,250 | 344 |
Feb | 943.5 | 406 | 3,244 | 2,682 | 6,872 | 249 | -19 | 2,729 | 7,250 | 362 | |
Mar | 943.5 | 403 | 3,221 | 2,682 | 6,872 | 272 | -18 | 2,729 | 7,250 | 385 | |
Apr | 956.5 | 403 | 3,232 | 2,682 | 6,872 | 261 | -25 | 2,729 | 7,250 | 374 | |
May | 956.5 | 406 | 3,257 | 2,780 | 6,720 | 283 | -23 | 2,729 | 7,250 | 349 | |
Jun | 968.25 | 411 | 3,290 | 2,780 | 6,720 | 250 | -36 | 2,729 | 7,250 | 316 | |
Soybean, Argentina | Jan | 943.5 | 413 | 3,298 | 2,682 | 6,872 | 58 | -29 | 2,729 | 7,250 | 163 |
May | 968.25 | 394 | 3,162 | 2,780 | 6,720 | 244 | -10 | 2,729 | 7,250 | 299 | |
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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