December crush missed analysts’ expectations: At 177.51 million bushels, soybean crush was the third highest for the month, behind December 2021 (186.4 million bushels) and 2020 (183.2 million bushels). NOPA processors crushed 1.7 million fewer bushels than this last November and 8.9 million bushels fewer than in December 2021. The average analyst expectation was for NOPA’s December 2022 crush to be about 182.9 million bushels. With three months into the marketing year, it may be that USDA’s crush forecast is a bit overstated and there’s a possibility of seeing an adjustment in the February WASDE.
Sep-Dec 2022/23 crush totaled 699.3 million bushels, down 1 percent YOY. Some analysts believe that the temperature and weather conditions in the latter part of December 2022 in parts of the central U.S. affected production and operations in many processing facilities.
December soybean oil yield rose slightly: Soybean oil yield was just 11.74 pounds per bushel, up 0.11 pound from November’s 11.63 pounds per bushel.
NOPA oil stocks remained strong in December: Stocks remained high in December 2022, at 160.4 million pounds added month-on-month despite a year-on-year decline in oil production of 107.3 million pounds.
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