Are Trades Still Bullish on the Crush?

The soybean crush has dropped approximately 23% since hitting a 4-year high in July.  The crush has been pushed lower by a small rally in soybean while meal has remained nearly unchanged since stabilizing in mid-June. The question at hand is whether traders still bullish the crush. In evaluating the forward crush, it appears that traders believe that an increase in the margin is a 50-50 proposition.

Seasonality of the Crush