| Product | Delivery | CBOT | CNF China | Duty-paid | DCE SBM | DCE SBO | DCE Gross Margin |
Var. | SBM Spot | SBO Spot | SCM |
| USD/tonne | CNY/tonne | ||||||||||
| Soybean, US Gulf |
Feb | 1374.75 | 582 | 4335 | 3512 | 7840 | -71 | 2 | 3778 | 8670 | 297 |
| Oct | 1149.25 | 517 | 3896 | 3334 | 7218 | 109 | 11 | 3778 | 8670 | 736 | |
| Soybean, US PNW |
Feb | 1374.75 | 584 | 4352 | 3512 | 7840 | -88 | -33 | 3778 | 8670 | 280 |
| Oct | 1149.25 | 514 | 3877 | 3334 | 7218 | 128 | 11 | 3778 | 8670 | 755 | |
| Soybean, Brazil |
Feb | 1374.75 | 570 | 4249 | 3512 | 7840 | 93 | -18 | 3778 | 8670 | 470 |
| Mar | 1374.75 | 564 | 4211 | 3512 | 7840 | 131 | -12 | 3778 | 8670 | 508 | |
| Apr | 1373.25 | 561 | 4200 | 3512 | 7840 | 142 | 2 | 3778 | 8670 | 519 | |
| May | 1373.25 | 562 | 4232 | 3512 | 7840 | 110 | 9 | 3778 | 8670 | 487 | |
| Jun | 1354.5 | 561 | 4221 | 3527 | 7304 | 26 | 0 | 3778 | 8670 | 498 | |
| Jul | 1354.5 | 565 | 4248 | 3527 | 7304 | -1 | 0 | 3778 | 8670 | 471 | |
| Soybean, Argentina | May | 1354.5 | 559 | 4207 | 3512 | 7840 | -21 | 6 | 3778 | 8670 | 338 |
| Remarks: | |||||||||||
| 1. DCE: Dalian Commodity Exchange; SBM Spot: soybean meal spot price yesterday; SBO spot: soybean oil spot price yesterday; SCM: spot crushing margin. | |||||||||||
| 2. CBOT is the closing price in previous session, and DCE is the intraday price at about 10:10 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. Starting from March 2, 2020, China officially accepts the application for the exemption of additional tariffs on US soybeans, so the import duty is 3%. | |||||||||||
