| 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 |
Apr | 1412.75 | 608 | 4567 | 3354 | 8706 | -263 | 3306 | 9270 | -194 | |
| Oct | 1269 | 567 | 4268 | 3467 | 7890 | -30 | 5 | 3306 | 9270 | 105 | |
| Nov | 1269 | 565 | 4255 | 3467 | 7890 | -17 | 4 | 3306 | 9270 | 118 | |
| Soybean, US PNW |
Apr | 1412.75 | 602 | 4524 | 3354 | 8706 | -220 | 3306 | 9270 | -151 | |
| Oct | 1269 | 565 | 4255 | 3467 | 7890 | -17 | -3 | 3306 | 9270 | 118 | |
| Nov | 1269 | 562 | 4228 | 3467 | 7890 | 10 | 5 | 3306 | 9270 | 145 | |
| Soybean, Brazil |
Apr | 1412.75 | 566 | 4260 | 3354 | 8706 | 131 | -15 | 3306 | 9270 | 206 |
| May | 1412.75 | 566 | 4260 | 3354 | 8706 | 131 | 12 | 3306 | 9270 | 206 | |
| Jun | 1405.5 | 566 | 4259 | 3492 | 8126 | 125 | 40 | 3306 | 9270 | 207 | |
| Jul | 1405.5 | 574 | 4316 | 3492 | 8126 | 68 | -3 | 3306 | 9270 | 150 | |
| Aug | 1405.5 | 580 | 4360 | 3492 | 8126 | 24 | -19 | 3306 | 9270 | 106 | |
| Sep | 1405.5 | 588 | 4422 | 3492 | 8126 | -38 | 0 | 3306 | 9270 | 44 | |
| Soybean, Argentina | May | 1405.5 | 575 | 4323 | 3354 | 8706 | -106 | 0 | 3306 | 9270 | -43 |
| June | 1405.5 | 577 | 4342 | 3492 | 8126 | -121 | -17 | 3306 | 9270 | -62 | |
| July | 1405.5 | 579 | 4355 | 3492 | 8126 | -134 | -16 | 3306 | 9270 | -75 | |
| 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%. | |||||||||||
