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Imported Soybean Crushing Margins -- 4/20/2020

2020-04-20 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 832.5 371 3,031 2,744 5,510 184 -9 3,121 5,740 525
Jun 842.25 375 3,063 2,744 5,510 152 -10 3,121 5,740 493
Jul 842.25 375 3,063 2,744 5,510 152 -10 3,121 5,740 493
Oct 851 378 3,096 2,777 5,570 156 -11 3,121 5,740 460
Soybean,US PNW May 832.5 369 3,017 2,744 5,510 198 -10 3,121 5,740 539
Soybean, Brazil Apr 832.5 356 2,907 2,694 5,550 331 -2 3,121 5,740 707
May 832.5 356 2,910 2,744 5,510 360 11 3,121 5,740 704
Jun 842.25 363 2,971 2,744 5,510 299 10 3,121 5,740 643
Jul 842.25 367 3,001 2,744 5,510 269 -10 3,121 5,740 613
Aug 842.25 371 3,040 2,744 5,510 230 -12 3,121 5,740 574
Sep 851 375 3,072 2,777 5,570 236 -10 3,121 5,740 542
Feb,2021 843.75 355 2,908 2,777 5,570 400 -14 3,121 5,740 706
Mar,2021 843.75 350 2,870 2,777 5,570 438 -14 3,121 5,740 744
Soybean, Argentina May 842.25 359 2,939 2,744 5,510 221 -12 3,121 5,740 560
Jun 842.25 362 2,957 2,744 5,510 203 -10 3,121 5,740 542
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% 

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