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Imported Soybean Crushing Margins -- 4/21/2020

2020-04-21 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 826.5 370 3,015 2,724 5,354 154 -30 3,061 5,710 488
Jun 836.25 374 3,049 2,724 5,354 120 -32 3,061 5,710 454
Jul 836.25 374 3,051 2,724 5,354 118 -34 3,061 5,710 452
Oct 845.75 377 3,085 2,765 5,438 133 -23 3,061 5,710 418
Soybean,US PNW May 826.5 368 3,001 2,724 5,354 168 -30 3,061 5,710 502
Soybean, Brazil Apr 826.5 355 2,893 2,665 5,406 294 -37 3,061 5,710 667
May 826.5 355 2,893 2,724 5,354 330 -30 3,061 5,710 667
Jun 836.25 362 2,954 2,724 5,354 269 -30 3,061 5,710 606
Jul 836.25 367 2,991 2,724 5,354 232 -37 3,061 5,710 569
Aug 836.25 370 3,023 2,724 5,354 200 -30 3,061 5,710 537
Sep 845.75 374 3,062 2,765 5,438 210 -26 3,061 5,710 498
Feb,2021 840.25 355 2,902 2,765 5,438 370 -30 3,061 5,710 658
Mar,2021 840.25 350 2,864 2,765 5,438 408 -30 3,061 5,710 696
Soybean, Argentina May 836.25 359 2,923 2,724 5,354 193 -28 3,061 5,710 523
Jun 836.25 361 2,943 2,724 5,354 173 -30 3,061 5,710 503
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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