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