Soybean crush margins show modest improvement for near-term deliveries, though pressure persists further out. Brazilian soybeans for May 2026 delivery currently offer a board margin of Yuan 259/tonne, up 21 from the previous session, supported by firm DCE soybean meal (3,004) and soybean oil (8,554) prices. Forward margins for early 2027 are significantly stronger (435-476/tonne), driven by lower premiums and tax-paid prices, though they saw mixed day-on-day changes.Key takeaways: Current margins remain profitable, but the compression in mid-2026 suggests market caution on crush execution as supply normalizes.