Imported Soybean Crushing Margins -- 3/17/2020

2020-03-17 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/MT	RMB/MT	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	Mar	821.75	364	3,699	2,775	5,266	-506	96	2,938	5,300	-371
	Apr	821.75	364	3,704	2,775	5,266	-511	96	2,938	5,300	-376
	May	821.75	364	3,719	2,766	5,274	-532	64	2,938	5,300	-391
Soybean,	Mar	821.75	360	3,665	2,775	5,266	-472	95	2,938	5,300	-337
US PNW	Apr	821.75	360	3,669	2,775	5,266	-476	96	2,938	5,300	-341
Soybean, Brazil	Mar	821.75	355	2,867	2,775	5,266	378	72	2,938	5,300	514
	Apr	821.75	354	2,867	2,775	5,266	378	73	2,938	5,300	514
	May	821.75	354	2,867	2,766	5,274	373	42	2,938	5,300	514
	Jun	830.5	357	2,894	2,766	5,274	346	48	2,938	5,300	487
	Jul	830.5	359	2,919	2,766	5,274	321	48	2,938	5,300	462
	Feb,2021	842.75	359	2,916	2,764	5,422	352		2,938	5,300	465
	Mar,2021	842.75	353	2,873	2,764	5,422	395		2,938	5,300	508
Soybean, Argentina	May	830.5	345	2,801	2,766	5,274	333	30	2,938	5,300	474
Soybean, Argentina	Jun	830.5	347	2,819	2,766	5,274	315	48	2,938	5,300	456
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 1st, 2019.

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