U.S. soybeans are currently deeply unprofitable for Chinese crushers. PNW (Pacific Northwest): For Apr-Jun 2026 shipment, the Board Margin is deep in negative territory (around Yuan -398 to -420 /tonne). USG (U.S. Gulf): This is the most expensive origin. CNF prices are significantly higher ($540-$545/tonne), resulting in the worst crushing margins, ranging from Yuan -568 to -596/tonne. There is virtually no chance of crushers purchasing Gulf cargoes at these levels. Brazilian Soybeans: Brazil is currently the only profitable origin in the market and offers the best value.