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Imported Soybean Crushing Margins -- 3/25/2020

2020-03-25 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 886.75 386 3,144 2,951 5,582 248 27 3,139 5,590 398
Jun 887.5 387 3,152 2,951 5,582 240 30 3,139 5,590 390
Jul 887.5 387 3,165 2,951 5,582 227 34 3,139 5,590 377
Oct 875 384 3,140 2,916 5,680 243 30 3,139 5,590 402
Soybean, Mar 886.75 388 3,161 2,952 5,514 219 11 3,139 5,590 381
US PNW Apr 886.75 390 3,173 2,952 5,514 207 -2 3,139 5,590 369
Soybean, Brazil Mar 886.75 383 3,116 2,952 5,514 319 40 3,139 5,590 482
Apr 886.75 383 3,119 2,952 5,514 316 36 3,139 5,590 479
May 886.75 381 3,109 2,951 5,582 339 28 3,139 5,590 489
Jun 887.5 382 3,114 2,951 5,582 334 29 3,139 5,590 484
Jul 887.5 384 3,135 2,951 5,582 313 33 3,139 5,590 463
Feb,2021 850.5 361 2,954 2,916 5,680 486 21 3,139 5,590 644
Mar,2021 850.5 355 2,910 2,916 5,680 530 21 3,139 5,590 688
Soybean, Argentina May 887.5 366 2,991 2,951 5,582 345 28 3,139 5,590 495
Jun 887.5 368 3,005 2,951 5,582 331 29 3,139 5,590 481
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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