| 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 |
Mar | 1413.25 | 609 | 4537 | 3204 | 9438 | -213 | -1 | 3327 | 10240 | 37 |
| Oct | 1243.75 | 563 | 4246 | 3240 | 8260 | -117 | 4 | 3327 | 10240 | 328 | |
| Nov | 1243.75 | 560 | 4219 | 3240 | 8260 | -90 | 4 | 3327 | 10240 | 355 | |
| Soybean, US PNW |
Mar | 1413.25 | 607 | 4520 | 3204 | 9438 | -196 | -9 | 3327 | 10240 | 54 |
| Oct | 1243.75 | 558 | 4206 | 3240 | 8260 | -77 | 4 | 3327 | 10240 | 368 | |
| Nov | 1243.75 | 556 | 4192 | 3240 | 8260 | -63 | -9 | 3327 | 10240 | 382 | |
| Soybean, Brazil |
Mar | 1413.25 | 576 | 4295 | 3204 | 9438 | 124 | 16 | 3327 | 10240 | 381 |
| Apr | 1413.25 | 572 | 4275 | 3204 | 9438 | 144 | 6 | 3327 | 10240 | 401 | |
| May | 1413.25 | 570 | 4267 | 3204 | 9438 | 152 | 15 | 3327 | 10240 | 409 | |
| Jun | 1402.5 | 571 | 4306 | 3292 | 8554 | 5 | -6 | 3327 | 10240 | 370 | |
| Jul | 1402.5 | 576 | 4340 | 3292 | 8554 | -29 | -7 | 3327 | 10240 | 336 | |
| Aug | 1402.5 | 582 | 4381 | 3292 | 8554 | -70 | -7 | 3327 | 10240 | 295 | |
| Sep | 1402.5 | 588 | 4427 | 3292 | 8554 | -201 | -6 | 3327 | 10240 | 147 | |
| Soybean, Argentina | May | 1402.5 | 570 | 4270 | 3204 | 9438 | -40 | -3 | 3327 | 10240 | 202 |
| June | 1402.5 | 573 | 4320 | 3292 | 8554 | -180 | 3327 | 10240 | 152 | ||
| July | 1402.5 | 576 | 4339 | 3292 | 8554 | -199 | 3327 | 10240 | 133 | ||
| 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%. | |||||||||||
