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Imported Soybean Crushing Margins - 3/3/2020

2020-03-03 www.cofeed.com
Imported Soybean Crushing Margins - 3/3/2020
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 Mar 901 393 3,983 2,727 5,672 -751 -12 2,825 5,680 -672
Apr 901 393 3,978 2,727 5,672 -746 38 2,825 5,680 -667
Soybean,
US PNW
Mar 901 389 3,942 2,727 5,672 -710 -53 2,825 5,680 -631
Apr 901 388 3,935 2,727 5,672 -703 -20 2,825 5,680 -624
Soybean, Brazil Mar 901 384 3,089 2,727 5,672 200 -14 2,825 5,680 279
Apr 901 383 3,083 2,727 5,672 206 -16 2,825 5,680 285
May 901 384 3,090 2,796 5,802 279 -6 2,825 5,680 278
Jun 910.75 386 3,112 2,796 5,802 257 8 2,825 5,680 256
Jul 910.75 390 3,147 2,796 5,802 222 -13 2,825 5,680 221
Soybean, Argentina May 910.75 375 3,020 2,796 5,802 233 -1 2,825 5,680 234
Jun 910.75 376 3,037 2,796 5,802 216 -1 2,825 5,680 217
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.