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Imported Soybean Crushing Margins - 12/2/2020

2020-02-12 www.cofeed.com
Imported Soybean Crushing Margins - 12/2/2020
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 884.75 389 3,937 2,654 6,120 -678 -5 2,790 6,480 -502
Mar 884.75 386 3,911 2,654 6,120 -652 -5 2,790 6,480 -476
Soybean,
US PNW
Feb 884.75 378 3,833 2,654 6,120 -574 -6 2,790 6,480 -398
Soybean, Brazil Feb 884.75 380 3,053 2,654 6,120 268 23 2,790 6,480 447
Mar 884.75 378 3,041 2,654 6,120 280 32 2,790 6,480 459
Apr 897.25 379 3,057 2,654 6,120 264 7 2,790 6,480 443
May 897.25 383 3,083 2,739 6,216 324 3 2,790 6,480 417
Jun 910.25 387 3,121 2,739 6,216 286 1 2,790 6,480 379
Soybean, Argentina May 910.25 378 3,055 2,739 6,216 228 10 2,790 6,480 316
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, 2019.