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Imported Soybean Crushing Margins -- 3/20/2020

2020-03-20 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 843.25 370 3,028 2,805 5,462 226 -16 2,948 5,430 333
Jun 848 371 3,042 2,805 5,462 212 -9 2,948 5,430 319
Jul 848 373 3,054 2,805 5,462 200 0 2,948 5,430 307
Oct 848.5 372 3,047 2,789 5,568 214 4 2,948 5,430 314
Soybean, Mar 843.25 369 3,022 2,840 5,376 243 -10 2,948 5,430 339
US PNW Apr 843.25 369 3,025 2,840 5,376 240 -12 2,948 5,430 336
Soybean, Brazil Mar 843.25 366 2,997 2,840 5,376 322 -27 2,948 5,430 418
Apr 843.25 366 3,000 2,840 5,376 319 -63 2,948 5,430 415
May 843.25 364 2,985 2,805 5,462 323 -47 2,948 5,430 430
Jun 848 366 2,998 2,805 5,462 310 -31 2,948 5,430 417
Jul 848 368 3,018 2,805 5,462 290 -17 2,948 5,430 397
Feb,2021 832 354 2,903 2,789 5,568 414 27 2,948 5,430 512
Mar,2021 832 348 2,859 2,789 5,568 458 27 2,948 5,430 556
Soybean, Argentina May 848 352 2,886 2,805 5,462 313 -15 2,948 5,430 420
Jun 848 354 2,901 2,805 5,462 298 -15 2,948 5,430 405
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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