| 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 |
May | 1497.25 | 637 | 4720 | 3515 | 9062 | -221 | 3427 | 9450 | -217 | |
| Oct | 1310.25 | 584 | 4384 | 3602 | 8312 | 41 | 30 | 3427 | 9450 | 119 | |
| Nov | 1310.25 | 580 | 4357 | 3602 | 8312 | 68 | 30 | 3427 | 9450 | 146 | |
| Soybean, US PNW |
May | 1497.25 | 634 | 4705 | 3515 | 9062 | -206 | 3427 | 9450 | -202 | |
| Oct | 1310.25 | 580 | 4357 | 3602 | 8312 | 68 | 42 | 3427 | 9450 | 146 | |
| Nov | 1310.25 | 577 | 4329 | 3602 | 8312 | 96 | 43 | 3427 | 9450 | 174 | |
| Soybean, Brazil |
Apr | 1497.25 | 599 | 4446 | 3515 | 9062 | 143 | 29 | 3427 | 9450 | 151 |
| May | 1497.25 | 603 | 4482 | 3515 | 9062 | 107 | 10 | 3427 | 9450 | 115 | |
| Jun | 1479.5 | 601 | 4477 | 3646 | 8606 | 125 | 31 | 3427 | 9450 | 120 | |
| Jul | 1479.5 | 608 | 4529 | 3646 | 8606 | 73 | 23 | 3427 | 9450 | 68 | |
| Aug | 1479.5 | 613 | 4598 | 3646 | 8606 | 4 | 28 | 3427 | 9450 | -1 | |
| Sep | 1479.5 | 618 | 4631 | 3646 | 8606 | -29 | 14 | 3427 | 9450 | -34 | |
| Feb | 1281.25 | 526 | 3957 | 3446 | 8204 | 406 | 8 | 3427 | 9450 | 640 | |
| Mar | 1281.25 | 519 | 3903 | 3446 | 8204 | 460 | 3427 | 9450 | 694 | ||
| Soybean, Argentina | May | 1479.5 | 595 | 4419 | 3515 | 9062 | -11 | 37 | 3427 | 9450 | -11 |
| Jun | 1479.5 | 598 | 4446 | 3646 | 8606 | -17 | 42 | 3427 | 9450 | -38 | |
| Jul | 1479.5 | 599 | 4464 | 3646 | 8606 | -35 | 32 | 3427 | 9450 | -56 | |
| 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%. | |||||||||||
