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Imported Soybean Crushing Margins -- 4/17/2020

2020-04-17 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 836.75 372 3,038 2,773 5,476 193 -19 3,143 5,800 547
Jun 845.75 376 3,069 2,773 5,476 162 -16 3,143 5,800 516
Jul 845.75 376 3,069 2,773 5,476 162 -16 3,143 5,800 516
Oct 854.5 379 3,100 2,806 5,528 167 -9 3,143 5,800 485
Soybean,US PNW May 836.75 371 3,023 2,773 5,476 208 -18 3,143 5,800 562
Soybean, Brazil Apr 836.75 359 2,931 2,723 5,564 333 8 3,143 5,800 712
May 836.75 360 2,937 2,773 5,476 349 -5 3,143 5,800 706
Jun 851.75 367 2,997 2,773 5,476 289 -32 3,143 5,800 646
Jul 845.75 368 3,007 2,773 5,476 279 -3 3,143 5,800 636
Aug 845.75 372 3,044 2,773 5,476 242 -17 3,143 5,800 599
Sep 854.5 376 3,076 2,806 5,528 246 -9 3,143 5,800 567
Feb,2021 845.5 355 2,908 2,806 5,528 414 10 3,143 5,800 735
Mar,2021 845.5 350 2,870 2,806 5,528 452 -10 3,143 5,800 773
Soybean, Argentina May 845.75 361 2,943 2,773 5,476 233 -16 3,143 5,800 584
Jun 845.75 363 2,963 2,773 5,476 213 -17 3,143 5,800 564
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%