| 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 | 1549.75 | 652 | 4828 | 3460 | 8976 | -389 | -6 | 3515 | 9500 | -246 |
| Oct | 1342.5 | 594 | 4450 | 3565 | 8192 | -77 | -26 | 3515 | 9500 | 132 | |
| Nov | 1342.5 | 592 | 4437 | 3565 | 8192 | -64 | -26 | 3515 | 9500 | 145 | |
| Soybean, US PNW |
May | 1549.75 | 650 | 4813 | 3460 | 8976 | -374 | -4 | 3515 | 9500 | -231 |
| Oct | 1342.5 | 591 | 4429 | 3565 | 8192 | -56 | -26 | 3515 | 9500 | 153 | |
| Nov | 1342.5 | 589 | 4410 | 3565 | 8192 | -37 | -26 | 3515 | 9500 | 172 | |
| Soybean, Brazil |
May | 1549.75 | 622 | 4616 | 3460 | 8976 | -87 | -52 | 3515 | 9500 | 61 |
| Jun | 1519.5 | 612 | 4550 | 3602 | 8430 | -18 | -29 | 3515 | 9500 | 127 | |
| Jul | 1519.5 | 617 | 4590 | 3602 | 8430 | -58 | -30 | 3515 | 9500 | 87 | |
| Aug | 1519.5 | 625 | 4678 | 3602 | 8430 | -146 | -7 | 3515 | 9500 | -1 | |
| Sep | 1519.5 | 631 | 4722 | 3602 | 8430 | -190 | -24 | 3515 | 9500 | -45 | |
| Feb | 1318.25 | 540 | 4051 | 3415 | 8090 | 265 | -43 | 3515 | 9500 | 626 | |
| Mar | 1318.25 | 533 | 4002 | 3415 | 8090 | 314 | -56 | 3515 | 9500 | 675 | |
| Soybean, Argentina | May | 1519.5 | 610 | 4518 | 3460 | 8976 | -169 | -29 | 3515 | 9500 | -31 |
| Jun | 1519.5 | 612 | 4541 | 3602 | 8430 | -178 | -29 | 3515 | 9500 | -54 | |
| Jul | 1519.5 | 613 | 4563 | 3602 | 8430 | -200 | -27 | 3515 | 9500 | -76 | |
| 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%. | |||||||||||