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Imported Soybean Crushing Margins - 5/2/2020

2020-02-05 www.cofeed.com
Imported Soybean Crushing Margins - 5/2/2020
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 879.5 389 4,029 2,640 6,142 -776 25 2,705 6,460 -665
Mar 879.5 388 4,029 2,640 6,142 -776 25 2,705 6,460 -665
Soybean,
US PNW
Feb 879.5 378 3,913 2,640 6,142 -660 23 2,705 6,460 -549
Soybean, Brazil Feb 879.5 379 3,056 2,640 6,142 258 18 2,705 6,460 373
Mar 879.5 376 3,043 2,640 6,142 271 18 2,705 6,460 386
Apr 893 378 3,055 2,640 6,142 259 20 2,705 6,460 374
May 893 378 3,068 2,736 6,132 320 22 2,705 6,460 361
Jun 906.25 382 3,101 2,736 6,132 287 34 2,705 6,460 328
Soybean, Argentina May 906.25 370 3,000 2,736 6,132 265 10 2,705 6,460 300
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.