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Imported Soybean Crushing Margins -- 3/19/2020

2020-03-19 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 May 825.5 363 2,965 2,765 5,384 242 15 2,943 5,350 376
Jun 832.75 366 2,986 2,765 5,384 221 2,943 5,350 355
Jul 832.75 367 3,007 2,765 5,384 200 2,943 5,350 334
Oct 842 369 3,025 2,773 5,494 210 2,943 5,350 316
Soybean, Mar 825.5 362 2,957 2,787 5,306 253 8 2,943 5,350 384
US PNW Apr 825.5 363 2,958 2,787 5,306 252 10 2,943 5,350 383
Soybean, Brazil Mar 825.5 357 2,914 2,787 5,306 349 20 2,943 5,350 481
Apr 825.5 353 2,881 2,787 5,306 382 58 2,943 5,350 514
May 825.5 354 2,891 2,765 5,384 370 22 2,943 5,350 504
Jun 832.75 357 2,920 2,765 5,384 341 6 2,943 5,350 475
Jul 832.75 361 2,954 2,765 5,384 307 2 2,943 5,350 441
Feb,2021 834.75 354 2,902 2,773 5,494 387 13 2,943 5,350 493
Mar,2021 834.75 349 2,858 2,773 5,494 431 25 2,943 5,350 537
Soybean, Argentina May 832.75 345 2,825 2,765 5,384 328 -3 2,943 5,350 463
Jun 832.75 347 2,840 2,765 5,384 313 -1 2,943 5,350 448
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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