| 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 | 1419.5 | 608 | 4524 | 3221 | 9442 | -185 | 28 | 3293 | 10340 | 42 |
| Oct | 1244 | 560 | 4221 | 3241 | 8282 | -87 | 30 | 3293 | 10340 | 345 | |
| Nov | 1244 | 558 | 4208 | 3241 | 8282 | -74 | 16 | 3293 | 10340 | 358 | |
| Soybean, US PNW |
Mar | 1419.5 | 606 | 4512 | 3221 | 9442 | -173 | 23 | 3293 | 10340 | 54 |
| Oct | 1244 | 556 | 4195 | 3241 | 8282 | -61 | 16 | 3293 | 10340 | 371 | |
| Nov | 1244 | 555 | 4186 | 3241 | 8282 | -52 | 11 | 3293 | 10340 | 380 | |
| Soybean, Brazil |
Mar | 1419.5 | 579 | 4312 | 3221 | 9442 | 121 | -3 | 3293 | 10340 | 357 |
| Apr | 1419.5 | 575 | 4291 | 3221 | 9442 | 142 | -2 | 3293 | 10340 | 378 | |
| May | 1419.5 | 572 | 4285 | 3221 | 9442 | 148 | -4 | 3293 | 10340 | 384 | |
| Jun | 1410.25 | 574 | 4299 | 3299 | 8584 | 24 | 19 | 3293 | 10340 | 370 | |
| Jul | 1410.25 | 579 | 4363 | 3299 | 8584 | -40 | -11 | 3293 | 10340 | 306 | |
| Aug | 1410.25 | 584 | 4404 | 3299 | 8584 | -81 | -11 | 3293 | 10340 | 265 | |
| Sep | 1410.25 | 591 | 4450 | 3299 | 8584 | -213 | -12 | 3293 | 10340 | 116 | |
| Soybean, Argentina | May | 1410.25 | 575 | 4305 | 3221 | 9442 | -61 | -21 | 3293 | 10340 | 158 |
| June | 1410.25 | 576 | 4313 | 3299 | 8584 | -162 | 18 | 3293 | 10340 | 150 | |
| July | 1410.25 | 579 | 4362 | 3299 | 8584 | -211 | -12 | 3293 | 10340 | 101 | |
| 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%. | |||||||||||
