China’s Forward Crush Margins Well Below Year Ago But Oct Imports Projected to Be Record Large.
Bottom Line: China’s “spot” margin slipped 4 Yuan in the past week. It is just below break-even at -5 Yuan/MT. The “forward” margin slipped 1 Yuan to -90 Yuan/MT. However, the forward margin is 387 Yuan ($1.59/Bu) below what it was a year ago. Exporter shipments to China in September indicate that China’s Oct imports could…