Chinese soybean crush margins in both a spot and forward positions have slipped to negative levels for the first time in a year. Chinese cash soybean meal has imploded in recent months to their lowest price in 8 years! In fact, the spread between Chinese soybean meal vs. the US Gulf is at a record low premium of just $32/ton Chinese premium. China is more aggressively offering meal for export into SE Asia which relative to the US, is competitive. The Chinese crush is seasonally ramping up.