Imported Soybean Crushing Margins - 4/2/2020 | |||||||||||
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 | 877 | 389 | 4,027 | 2,632 | 6,034 | -801 | 27 | 2,674 | 6,460 | -687 |
Mar | 877 | 389 | 4,027 | 2,632 | 6,034 | -801 | 28 | 2,674 | 6,460 | -687 | |
Soybean, US PNW |
Feb | 877 | 377 | 3,909 | 2,632 | 6,034 | -683 | 26 | 2,674 | 6,460 | -569 |
Soybean, Brazil | Feb | 877 | 378 | 3,046 | 2,632 | 6,034 | 240 | 30 | 2,674 | 6,460 | 358 |
Mar | 877 | 375 | 3,033 | 2,632 | 6,034 | 253 | 30 | 2,674 | 6,460 | 371 | |
Apr | 890.75 | 377 | 3,047 | 2,632 | 6,034 | 239 | 31 | 2,674 | 6,460 | 357 | |
May | 890.75 | 379 | 3,064 | 2,730 | 6,026 | 298 | 39 | 2,674 | 6,460 | 340 | |
Jun | 904.5 | 384 | 3,109 | 2,730 | 6,026 | 253 | 38 | 2,674 | 6,460 | 295 | |
Soybean, Argentina | May | 904.5 | 369 | 2,986 | 2,730 | 6,026 | 255 | 38 | 2,674 | 6,460 | 289 |
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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