February soybean crush, slightly below analysts’ expectations: At 165 million bushels, soybean crush was the second highest for the month, behind February 2020 (166.3 million bushels). NOPA processors crushed 13.6 million fewer bushels last January and 357,000 bushels more in February 2022. The average of analyst expectations was for NOPA’s February 2023 crush to be about 166.1 million bushels. USDA’s crush forecast was lowered in the March WASDE by 10 million bushels, below the average of analysts’ expectations.
Sep-Feb 2022/23 crush totaled about 1 billion bushels, up 0.2 percent YOY. Despite missing the average estimated volume for crush, the actual NOPA crush was within the estimated range.
Soybean oil yield continued to rise: Soybean oil yield was 11.85 pounds per bushel in February, up 0.05 pound from January’s 11.80 pounds per bushel.
NOPA oil stocks declined slightly in February.
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