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China daily imported soybean crush margin tracking 20260303

Source: Mysteel Mar 03, 2026 16:00
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Plant Oil Soybean Price Shipment Supply
All calculated margins are positive(Without deducting processing fees and loading/unloading miscellaneous charges), indicating that, based on these futures prices, crushing operations would be profitable for all listed shipment months.However, the clear downward trend in margins from 237 in April to 90 in August signals that the profitability of importing and processing later-arriving soybeans is diminishing. The change column shows margins are actually improving week-over-week (e.g., +24 for May), but the sequential monthly decline is the dominant story.Conclusion:The data illustrates a classic market structure where the cost of raw materials (soybeans) for future delivery is rising, while the expected value of the products (soymeal and soyoil) is not keeping pace, leading to compressed profit margins for crushers on later shipments. This could potentially discourage aggressive buying of far-forward shipments unless downstream product prices improve or soybean costs moderate.

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