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Imported Soybean Crushing Margins -- 4/8/2020

2020-04-08 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 854.75 379 3,084 2,811 5,586 198 18 3,161 5,650 487
Jun 861 379 3,093 2,811 5,586 189 16 3,161 5,650 478
Jul 861 380 3,096 2,811 5,586 186 16 3,161 5,650 475
Oct 866.75 383 3,131 2,837 5,690 191 2 3,161 5,650 440
Soybean,US PNW May 854.75 372 3,031 2,811 5,586 251 18 3,161 5,650 540
Soybean, Brazil Apr 854.75 365 2,974 2,787 5,506 329 3 3,161 5,650 653
May 854.75 364 2,964 2,811 5,586 374 15 3,161 5,650 663
Jun 861 370 3,019 2,811 5,586 319 3 3,161 5,650 608
Jul 861 375 3,058 2,811 5,586 280 0 3,161 5,650 569
Aug 861 379 3,098 2,811 5,586 240 -10 3,161 5,650 529
Feb,2021 855.5 361 2,950 2,837 5,690 429 -15 3,161 5,650 677
Mar,2021 855.5 354 2,897 2,837 5,690 482 -3 3,161 5,650 730
Soybean, Argentina May 861 366 2,986 2,811 5,586 240 15 3,161 5,650 528
Jun 861 368 2,999 2,811 5,586 227 15 3,161 5,650 515
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 9:47 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%