Crush margins are under pressure in the middle of the curve (JuneSeptember 2026), with margins compressing to as low as Yuan +65 /tonne by September, indicating potential profitability challenges for crushers during that period.The premium structure suggests the market expects U.S. supply to command a premium during its export window, while South American origin (post-early 2027) offers lower landed costs.The backwardation in DCE meal points to near-term supply tightness or strong demand, while the flatter DCE oil curve suggests less immediate concern in the oil market.