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Imported Soybean Crushing Margins -- 4/23/2020

2020-04-23 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 834.75 372 3,036 2,766 5,430 181 18 3,008 5,610 406
Jun 842.5 375 3,065 2,766 5,430 152 24 3,008 5,610 377
Jul 842.5 375 3,067 2,766 5,430 150 24 3,008 5,610 375
Oct 846.5 376 3,085 2,801 5,486 170 25 3,008 5,610 357
Soybean,US PNW May 834.75 370 3,022 2,766 5,430 195 17 3,008 5,610 420
Soybean, Brazil Apr 834.75 356 2,914 2,697 5,432 303 1 3,008 5,610 584
May 834.75 356 2,914 2,766 5,430 357 18 3,008 5,610 584
Jun 842.5 363 2,970 2,766 5,430 301 24 3,008 5,610 528
Jul 842.5 367 3,001 2,766 5,430 270 30 3,008 5,610 497
Aug 842.5 370 3,024 2,766 5,430 247 33 3,008 5,610 474
Sep 846.5 374 3,062 2,801 5,486 248 25 3,008 5,610 436
Feb,2021 840 353 2,900 2,801 5,486 410 36 3,008 5,610 598
Mar,2021 840 348 2,861 2,801 5,486 449 37 3,008 5,610 637
Soybean, Argentina May 842.5 359 2,938 2,766 5,430 225 24 3,008 5,610 448
Jun 842.5 362 2,958 2,766 5,430 205 22 3,008 5,610 428
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%