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Imported Soybean Crushing Margins - 16/1/2020

2020-01-16 www.cofeed.com
Imported Soybean Crushing Margins - 16/1/2020
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 928.75 409 4,162 2,682 6,610 -787 62 2,680 7,070 -702
Feb 928.75 410 4,174 2,682 6,610 -799 66 2,680 7,070 -714
Mar 928.75 411 4,193 2,682 6,610 -818 55 2,680 7,070 -733
Soybean,
US PNW
Jan 928.75 398 4,057 2,682 6,610 -682 66 2,680 7,070 -597
Soybean, Brazil Jan 928.75 403 3,199 2,682 6,610 242 25 2,680 7,070 332
Feb 928.75 398 3,156 2,682 6,610 285 44 2,680 7,070 375
Mar 928.75 395 3,141 2,682 6,610 300 34 2,680 7,070 390
Apr 942 397 3,159 2,682 6,610 282 35 2,680 7,070 372
May 942 399 3,179 2,775 6,492 312 43 2,680 7,070 352
Jun 954.25 402 3,202 2,775 6,492 289 40 2,680 7,070 329
Soybean, Argentina Jan 928.75 408 3,234 2,682 6,610 75 37 2,680 7,070 156
May 954.25 389 3,102 2,775 6,492 259 58 2,680 7,070 288
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.