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Mysteel daily China imported soybean crush margin tracking 20260520

Source: Mysteel May 20, 2026 11:28
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Plant Oil Soybean Demand Price Supply
Positive short-term crush margins (July-Oct 2026) are driven by relatively lower tax-paid costs and stable DCE product prices. However, margins turn negative from early 2027 onward, primarily due to declining DCE soybean meal prices and lower CNF premiums, despite stable CBOT values. This suggests weakening domestic demand or increasing supply expectations for soybean meal in China from 2027.

Note: The significant daily change for deferred month shipments is due to the rollover of DCE soybean meal and soybean oil futures contracts.

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