| 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 | 1423.75 | 611 | 4522 | 3588 | 8724 | -30 | -22 | 3769 | 9540 | 268 |
| Oct | 1238.25 | 558 | 4178 | 3496 | 7746 | 56 | -21 | 3769 | 9540 | 612 | |
| Soybean, US PNW |
Feb | 1423.75 | 604 | 4472 | 3588 | 8724 | 20 | -22 | 3769 | 9540 | 318 |
| Oct | 1238.25 | 551 | 4125 | 3496 | 7746 | 109 | -21 | 3769 | 9540 | 665 | |
| Soybean, Brazil |
Feb | 1423.75 | 600 | 4442 | 3588 | 8724 | 137 | -21 | 3769 | 9540 | 444 |
| Mar | 1423.75 | 585 | 4337 | 3588 | 8724 | 242 | -18 | 3769 | 9540 | 549 | |
| Apr | 1425.75 | 580 | 4311 | 3588 | 8724 | 268 | 1 | 3769 | 9540 | 575 | |
| May | 1425.75 | 580 | 4344 | 3588 | 8724 | 235 | 2 | 3769 | 9540 | 542 | |
| Jun | 1412 | 579 | 4336 | 3621 | 7934 | 111 | -23 | 3769 | 9540 | 550 | |
| Jul | 1412 | 583 | 4363 | 3621 | 7934 | 84 | -23 | 3769 | 9540 | 523 | |
| Soybean, Argentina | May | 1412 | 581 | 4350 | 3588 | 8724 | 55 | -6 | 3769 | 9540 | 345 |
| 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%. | |||||||||||
