Brazilian soybeans for Q2 2026 are priced at a level that leaves very little room for error in crusher margins (the July shipment is particularly risky at only Yuan 40 /ton). In contrast, the market for early 2027 is priced significantly lower, offering attractive hedging opportunities for crushers looking further ahead. The negative weekly changes in margins for the near months also suggest that the futures market (DCE products) has not kept pace with the rising cost of beans.