April 2023 soybean crush was below analysts’ expectations: At a record breaking 173.2 million bushels, soybean crush was the highest we’ve seen for the month of April. Prior to this year, the highest April soybean crush was 2020’s 171.8 million bushels. NOPA processors crushed 12.6 million fewer bushels than in March and 3.4 million bushels more than in April 2022. The average of analysts’ expectations was for NOPA’s April 2023 crush to be about 174.2 million bushels. The actual NOPA crush was within the estimated analysts’ range. 

Sep-Apr 2022/23 crush totaled about 1.4 billion bushels, up 2.0 percent YOY. 

Soybean oil yield continued to rise: Soybean oil yield was 11.94 pounds per bushel in April, up 0.09 pound from March’s 11.85 pounds per bushel. 

NOPA oil stocks increased: Stocks went up in April vs. March, with 105.9 million pounds added month-on-month. Year on year, stocks increased 142.5 million pounds. 

The full version of this commentary appeared on our IQ platform May 16, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber.

Source: 123rf.com
Posted by: Information Services
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