Imported Soybean Crushing Margins - 20/1/2020 | |||||||||||
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 | Feb | 929.75 | 410 | 4,168 | 2,684 | 6,606 | -793 | -9 | 2,685 | 7,000 | -717 |
Mar | 929.75 | 412 | 4,188 | 2,684 | 6,606 | -813 | -10 | 2,685 | 7,000 | -737 | |
Soybean, US PNW |
Jan | 929.75 | 399 | 4,052 | 2,684 | 6,606 | -677 | -9 | 2,685 | 7,000 | -601 |
Soybean, Brazil | Feb | 929.75 | 398 | 3,152 | 2,684 | 6,606 | 290 | -6 | 2,685 | 7,000 | 369 |
Mar | 929.75 | 396 | 3,137 | 2,684 | 6,606 | 305 | -6 | 2,685 | 7,000 | 384 | |
Apr | 943 | 397 | 3,155 | 2,684 | 6,606 | 287 | -6 | 2,685 | 7,000 | 366 | |
May | 943 | 399 | 3,175 | 2,770 | 6,512 | 316 | -7 | 2,685 | 7,000 | 346 | |
Jun | 955.5 | 403 | 3,199 | 2,770 | 6,512 | 292 | -6 | 2,685 | 7,000 | 322 | |
Soybean, Argentina | May | 955.5 | 390 | 3,099 | 2,770 | 6,512 | 261 | -8 | 2,685 | 7,000 | 282 |
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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