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Imported Soybean Crushing Margins -- 3/26/2020

2020-03-26 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 881.5 390 3,196 2,917 5,592 171 -77 3,166 5,690 386
Jun 884.75 389 3,182 2,917 5,592 185 -55 3,166 5,690 400
Jul 884.75 390 3,199 2,917 5,592 168 -59 3,166 5,690 383
Oct 877.5 384 3,154 2,902 5,682 218 -25 3,166 5,690 428
Soybean, Mar 881.5 390 3,190 2,909 5,526 158 -61 3,166 5,690 392
US PNW Apr 881.5 392 3,207 2,909 5,526 141 -66 3,166 5,690 375
Soybean, Brazil Mar 881.5 381 3,118 2,909 5,526 285 -34 3,166 5,690 521
Apr 881.5 379 3,106 2,909 5,526 297 -19 3,166 5,690 533
May 881.5 379 3,102 2,917 5,592 321 -18 3,166 5,690 537
Jun 884.75 383 3,140 2,917 5,592 283 -51 3,166 5,690 499
Jul 884.75 387 3,179 2,917 5,592 244 -69 3,166 5,690 460
Feb,2021 858.5 363 2,984 2,902 5,682 445 -41 3,166 5,690 655
Mar,2021 858.5 358 2,946 2,902 5,682 483 -47 3,166 5,690 693
Soybean, Argentina May 884.75 367 3,011 2,917 5,592 300 -45 3,166 5,690 514
Jun 884.75 369 3,026 2,917 5,592 285 -46 3,166 5,690 499
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 9:35 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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