March soybean crush was above analysts’ expectations: At 185.8 million bushels, soybean crush was the highest for the month in five years. NOPA processors crushed 20.3 million more bushels than in February and 4.1 million bushels more than in March 2022. The average of analysts’ expectations was for NOPA’s March 2023 crush to be about 183.4 million bushels. The actual NOPA crush was within the estimated analysts’ range.

USDA’s 2022/23 crush forecast was unchanged in the April WASDE.

Sep-Mar 2022/23 crush totaled about 1.2 billion bushels, up 2.2 percent YOY.

Soybean oil yield remained unchanged: Soybean oil yield was 11.85 pounds per bushel in March, as it was in February.

NOPA oil stocks increased: Stocks went up in March vs. February, with 42 million pounds added month on month. Year on year, stocks declined 56.5 million pounds.

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Posted by: Information Services
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