Soybean crush reduced for the month of June with about 165.0 million bushels crushed in June 2023 due to seasonal maintenance and repairs at processing plants. June’s soybean crush is the lowest in nine months. NOPA processors crushed 12.9 million less bushels than in May and 346,000 bushels more than in June 2022. The average of analysts’ expectations was for NOPA’s June 2023 crush to be about 170.6 million bushels. The actual NOPA crush was slightly out of analysts’ estimated 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 1.7 billion bushels. 

Soybean oil yield was 11.97 pounds per bushel in June, up 0.11 pound from May’s 11.86 pounds per bushel. 

Stocks decreased in June vs. May, with 181.6 million pounds lost month-on-month. Year on year, stocks declined 76.9 million pounds. 

The full version of this commentary appeared on our IQ platform Jul. 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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