Soybean crush decreased for the month of August with about 161.0 million bushels crushed in August 2023. In August, U.S. soybean crush fell to an 11-month low. NOPA processors crushed 11.8 million less bushels than in July and 4.1 million bushels less than in August 2022. The average of analysts’ expectations was for NOPA’s August 2023 crush to be about 167.8 million bushels.
USDA’s 2023/24 new soybean crop crush forecast was reduced by 10 million bushels in the September WASDE.
Sep-May 2022/23 crush totaled about 2.1 billion bushels.
Soybean oil yield was 11.94 pounds per bushel in August, up 0.03 pound from July’s 11.91 pounds per bushel.
Stocks decreased in August v. July, with 277.2 million pounds lost month-on-month. Year on year, stocks declined 315 million pounds.
The full version of this commentary appeared on our IQ platform Sep. 18, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers.Learn more about becoming a subscriber.
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