The theoretical crush margin for imported soybeans in China shows a clear bearish near-term outlook but a strongly bullish outlook. Margins for shipments from June to September 2026 are very tight (ranging from Yuan +119 to +30/tonne), while margins from February to July 2027 are exceptionally high (ranging from Yuan +336 to +310/tonne). The margin curve is steeply upward sloping (backwardated near term, then heavily contango).