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Imported Soybean Crushing Margins -- 3/31/2020

2020-03-31 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 882.25 391 3,196 2,926 5,564 173 -46 3,271 5,640 460
Jun 886.5 392 3,208 2,926 5,564 161 -47 3,271 5,640 448
Jul 886.5 392 3,215 2,926 5,564 154 -46 3,271 5,640 441
Oct 874.5 383 3,141 2,910 5,664 234 -30 3,271 5,640 515
Soybean, Mar 882.25 391 3,195 2,959 5,488 185 -41 3,271 5,640 461
US PNW Apr 882.25 392 3,207 2,959 5,488 173 -41 3,271 5,640 449
Soybean, Brazil Mar 882.25 381 3,117 2,959 5,488 318 -41 3,271 5,640 595
Apr 882.25 376 3,076 2,959 5,488 359 -41 3,271 5,640 636
May 882.25 376 3,078 2,926 5,564 346 -45 3,271 5,640 634
Jun 886.5 379 3,099 2,926 5,564 325 -47 3,271 5,640 613
Jul 886.5 382 3,137 2,926 5,564 287 -47 3,271 5,640 575
Feb,2021 852.5 360 2,955 2,910 5,664 477 -21 3,271 5,640 757
Mar,2021 852.5 355 2,916 2,910 5,664 516 -20 3,271 5,640 796
Soybean, Argentina May 886.5 369 3,023 2,926 5,564 290 -47 3,271 5,640 576
Jun 886.5 371 3,037 2,926 5,564 276 -47 3,271 5,640 562
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 9:55 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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