January soybean crush dips, oil stocks hold steady
NOPA members crushed 182.2 million bushels of soybeans last month, down 2 percent from December and down 1 percent year on year. Cumulative Sep-Jan 2021/22 NOPA crush rose to 885.9 million bushels, down just 1 percent from last season to date thanks to December’s record volume boosting this season’s running total.
January crush missed expectations, which averaged around 186 million bushels, but in general, the market anticipates YOY growth in upcoming months. USDA raised projected 2021/22 crush in last week’s WASDE to 2.215 billion bushels, up 25 million bushels from the January estimate. A year ago, February crush (which tends to decline from January activity) came in well below expectations due in part to terrible weather conditions. This year, crush may see a gentler month-on-month decline, improving the odds of hitting USDA forecast.
Soybean oil yield remained strong last month at 11.81 pounds per bushel. NOPA members’ oil ending stocks were nearly unchanged from December, with only a net 5.4 million pounds disappearing by the end of the month. USDA’s fats and oils update on Mar. 1 will give us a clearer picture on January utilization, but it looks like demand was down a bit last month.
NOPA monthly soybean crush
Posted by: Information Services Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.