NOPA July crush increases, above average expectations
July 2023 soybean crush was above analysts’ expectations: Soybean crush increased for the month of July with about 173.0 million bushels crushed in July 2023, due to seasonal maintenance and repairs at processing plants. This year has recorded the highest July soybean crush since 2020’s 173 million bushels. NOPA processors crushed 8.2 million more bushels than in June and 3.1 million bushels more than in July 2022. The average of analysts’ expectations was for NOPA’s July 2023 crush to be about 171.3 million bushels. The actual NOPA crush was within the estimated analysts’ range.
USDA’s 2023/24 new soybean crop crush forecast remained at 2.3 billion bushels in the July WASDE.
Sep-May 2022/23 crush totaled about 1.9 billion bushels.
Soybean oil yield declined: Soybean oil yield was 11.91 pounds per bushel in July, up 0.06 pound from June’s 11.97 pounds per bushel.
NOPA oil stocks continue to decrease: Stocks decreased in July vs. June, with 162.9 million pounds lost month-on-month. Year on year, stocks declined 156.6 million pounds.
The full version of this commentary appeared on our IQ platform Aug. 15, 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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