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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
USD/MT RMB/MT
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
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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