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Imported Soybean Crushing Margins -- 3/27/2020

2020-03-27 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 880.25 390 3,175 2,940 5,510 195 24 3,163 5,590 386
Jun 884.75 389 3,165 2,940 5,510 205 20 3,163 5,590 396
Jul 884.75 390 3,182 2,940 5,510 188 20 3,163 5,590 379
Oct 879 385 3,141 2,925 5,618 237 19 3,163 5,590 420
Soybean, Mar 880.25 390 3,171 2,948 5,428 189 31 3,163 5,590 390
US PNW Apr 880.25 392 3,188 2,948 5,428 172 31 3,163 5,590 373
Soybean, Brazil Mar 880.25 381 3,099 2,948 5,428 316 31 3,163 5,590 518
Apr 880.25 379 3,087 2,948 5,428 328 31 3,163 5,590 530
May 880.25 378 3,082 2,940 5,510 343 22 3,163 5,590 535
Jun 884.75 383 3,124 2,940 5,510 301 18 3,163 5,590 493
Jul 884.75 387 3,163 2,940 5,510 262 18 3,163 5,590 454
Feb,2021 864 365 2,984 2,925 5,618 450 5 3,163 5,590 633
Mar,2021 864 360 2,946 2,925 5,618 488 5 3,163 5,590 671
Soybean, Argentina May 884.75 367 2,995 2,940 5,510 319 19 3,163 5,590 510
Jun 884.75 369 3,010 2,940 5,510 304 19 3,163 5,590 495
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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