| 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 | 1392.25 | 603 | 4500 | 3228 | 8904 | -258 | -35 | 3279 | 9960 | -17 |
| Oct | 1206.25 | 548 | 4144 | 3235 | 7792 | -108 | -11 | 3279 | 9960 | 339 | |
| Nov | 1206.25 | 544 | 4117 | 3235 | 7792 | -81 | 2 | 3279 | 9960 | 366 | |
| Soybean, US PNW |
Mar | 1392.25 | 600 | 4472 | 3228 | 8904 | -230 | -22 | 3279 | 9960 | 11 |
| Oct | 1206.25 | 544 | 4118 | 3235 | 7792 | -82 | -12 | 3279 | 9960 | 365 | |
| Nov | 1206.25 | 543 | 4105 | 3235 | 7792 | -69 | -7 | 3279 | 9960 | 378 | |
| Soybean, Brazil |
Mar | 1392.25 | 567 | 4232 | 3228 | 8904 | 99 | 16 | 3279 | 9960 | 350 |
| Apr | 1392.25 | 565 | 4229 | 3228 | 8904 | 102 | 3 | 3279 | 9960 | 353 | |
| May | 1392.25 | 564 | 4234 | 3228 | 8904 | 97 | -6 | 3279 | 9960 | 348 | |
| Jun | 1380.5 | 565 | 4243 | 3314 | 8090 | -7 | -11 | 3279 | 9960 | 339 | |
| Jul | 1380.5 | 570 | 4306 | 3314 | 8090 | -70 | -2 | 3279 | 9960 | 276 | |
| Aug | 1380.5 | 573 | 4333 | 3314 | 8090 | -97 | -1 | 3279 | 9960 | 249 | |
| Sep | 1380.5 | 581 | 4388 | 3314 | 8090 | -152 | -2 | 3279 | 9960 | 194 | |
| Soybean, Argentina | May | 1380.5 | 562 | 4220 | 3228 | 8904 | -67 | 7 | 3279 | 9960 | 163 |
| June | 1380.5 | 563 | 4228 | 3314 | 8090 | -154 | 3 | 3279 | 9960 | 155 | |
| July | 1380.5 | 568 | 4292 | 3314 | 8090 | -218 | 2 | 3279 | 9960 | 91 | |
| 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%. | |||||||||||
