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Imported Soybean Crushing Margins -- 3/18/2020

2020-03-18 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 824.25 365 3,728 2,759 5,250 -551 -45 2,939 5,290 -401
Apr 824.25 365 3,733 2,759 5,250 -556 -45 2,939 5,290 -406
May 824.25 365 3,745 2,766 5,336 -546 -14 2,939 5,290 -418
Soybean, Mar 824.25 361 3,693 2,759 5,250 -516 -44 2,939 5,290 -366
US PNW Apr 824.25 361 3,697 2,759 5,250 -520 -44 2,939 5,290 -370
Soybean, Brazil Mar 824.25 357 2,901 2,759 5,250 329 -49 2,939 5,290 479
Apr 824.25 357 2,906 2,759 5,250 324 -54 2,939 5,290 474
May 824.25 357 2,904 2,766 5,336 348 -25 2,939 5,290 476
Jun 831 358 2,917 2,766 5,336 335 -11 2,939 5,290 463
Jul 831 361 2,947 2,766 5,336 305 -16 2,939 5,290 433
Feb,2021 837.75 357 2,916 2,786 5,446 374 22 2,939 5,290 464
Mar,2021 837.75 353 2,884 2,786 5,446 406 11 2,939 5,290 496
Soybean, Argentina May 831 345 2,815 2,766 5,336 331 -2 2,939 5,290 459
Jun 831 348 2,832 2,766 5,336 314 -1 2,939 5,290 442
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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