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Imported Soybean Crushing Margins -- 3/23/2020

2020-03-23 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 862.5 377 3,092 2,902 5,500 246 20 3,011 5,500 332
Jun 864.75 377 3,098 2,902 5,500 240 28 3,011 5,500 326
Jul 864.75 379 3,118 2,902 5,500 220 20 3,011 5,500 306
Oct 860.75 376 3,097 2,850 5,600 219 5 3,011 5,500 327
Soybean, Mar 862.5 376 3,079 2,935 5,414 268 25 3,011 5,500 345
US PNW Apr 862.5 376 3,082 2,935 5,414 265 25 3,011 5,500 342
Soybean, Brazil Mar 862.5 373 3,054 2,935 5,414 347 25 3,011 5,500 425
Apr 862.5 373 3,060 2,935 5,414 341 22 3,011 5,500 419
May 862.5 371 3,048 2,902 5,500 345 22 3,011 5,500 431
Jun 864.75 372 3,054 2,902 5,500 339 29 3,011 5,500 425
Jul 864.75 374 3,082 2,902 5,500 311 21 3,011 5,500 397
Feb,2021 841.25 357 2,945 2,850 5,600 427 13 3,011 5,500 534
Mar,2021 841.25 352 2,901 2,850 5,600 471 13 3,011 5,500 578
Soybean, Argentina May 864.75 358 2,942 2,902 5,500 341 28 3,011 5,500 427
Jun 864.75 360 2,957 2,902 5,500 326 28 3,011 5,500 412
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. Additional import duty of 3% 

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