1. Near-Month Margins (May August 2026Trend: Margins for the near-month delivery months are relatively low and show a declining trend from May to August, indicating tightening profitability for crushing soybeans arriving in the coming months.2. Forward-Month Margins (Feb Mar 2027)Trend: Margins for early 2027 shipment are significantly higher, reflecting more favorable pricing or expectations of improved crush profitability in the longer term.3. Key Drivers: CBOT Prices;CNF China Premium;DCE Prices 4. Implications The declining margins in the MayAugust 2026 period could be attributed to higher CNF prices and limited room for meal and oil price increases in the short term.