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Imported Soybean Crushing Margins -- 4/16/2020

2020-04-16 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 842 374 3,052 2,791 5,576 212 -6 3,156 5,750 534
Jun 851.75 378 3,086 2,791 5,576 178 -10 3,156 5,750 500
Jul 851.75 378 3,086 2,791 5,576 178 -10 3,156 5,750 500
Oct 859.75 381 3,115 2,818 5,606 176 -9 3,156 5,750 471
Soybean,US PNW May 842 373 3,038 2,791 5,576 226 -6 3,156 5,750 548
Soybean, Brazil Apr 842 365 2,972 2,741 5,658 325 -16 3,156 5,750 671
May 842 364 2,966 2,791 5,576 354 6 3,156 5,750 677
Jun 851.75 367 2,999 2,791 5,576 321 -9 3,156 5,750 644
Jul 851.75 372 3,038 2,791 5,576 282 -10 3,156 5,750 605
Aug 851.75 374 3,061 2,791 5,576 259 -10 3,156 5,750 582
Sep 859.75 378 3,092 2,818 5,606 255 -10 3,156 5,750 551
Feb,2021 850.75 360 2,943 2,818 5,606 404 -6 3,156 5,750 700
Mar,2021 850.75 352 2,885 2,818 5,606 462 -7 3,156 5,750 758
Soybean, Argentina May 851.75 363 2,960 2,791 5,576 249 -9 3,156 5,750 568
Jun 851.75 365 2,979 2,791 5,576 230 -9 3,156 5,750 549
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 10:00 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%