September 2023 soybean crush was below analysts’ expectations: Soybean crush increased for the month of September with about 165.0 million bushels crushed in September 2023. This month’s U.S. soybean crush hit a record high for the month of September. NOPA processors crushed about 4 million more bushels than in August and 7.3 million bushels more than in September 2022. The average of analysts’ expectations was for NOPA’s September 2023 crush to be about 161.7 million bushels. 

USDA’s 2023/24 soybean crop crush forecast was increased by 10 million bushels in the October WASDE. 

Soybean oil yield increased: Soybean oil yield was 11.93 pounds per bushel in September, slightly down from August’s 11.94 pounds per bushel. 

NOPA oil stocks continue to decrease: Stocks decreased in September v. August, with 142.13 million pounds lost month-on-month. Year on year, stocks declined 352 million pounds. 

The full version of this commentary appeared on our IQ platform Oct. 16, 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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