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Imported Soybean Crushing Margins - 9/3/2020

2020-03-09 www.cofeed.com
Product Delivery CBOT CNF China Duty-paid  DCE SBM DCE SBO DCE
Gross Margin
Var. SBM Spot SBO
 Spot
SCM
USD/MT RMB/MT
Soybean, US Gulf Mar 891.25 389 3,915 2,666 5,466 -770 -38 2,840 5,630 -602
Apr 891.25 389 3,916 2,666 5,466 -771 -45 2,840 5,630 -603
May 891.25 390 3,931 2,728 5,602 -712 -40 2,840 5,630 -618
Soybean, Mar 891.25 386 3,889 2,666 5,466 -744 -39 2,840 5,630 -576
US PNW Apr 891.25 386 3,885 2,666 5,466 -740 -38 2,840 5,630 -572
Soybean, Brazil Mar 891.25 381 3,042 2,666 5,466 157 -49 2,840 5,630 328
Apr 891.25 380 3,038 2,666 5,466 161 -57 2,840 5,630 332
May 891.25 378 3,028 2,728 5,602 248 -35 2,840 5,630 342
Jun 900 382 3,070 2,728 5,602 206 -46 2,840 5,630 300
Jul 900 384 3,084 2,728 5,602 192 -37 2,840 5,630 286
Soybean, Argentina May 900 373 2,987 2,728 5,602 176 -64 2,840 5,630 270
Jun 900 376 3,023 2,728 5,602 140 -73 2,840 5,630 234
Remarks:
1. SBM Spot: soybean meal spot price; SBO 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.on the Dalian Commodity Exchange.
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.