November crush was about the same YOY: At 179.2 million bushels, crush was the third highest for the month, behind November 2020 (181.0 million bushels) and 2021 (179.5 million). NOPA processors crushed 5.3 million fewer bushels than this last October and 278,000 bushels fewer than in November 2021. The average of analyst expectations was for NOPA’s November crush to be over 181 million bushels, although this number would have required a smaller Oct-Nov decline than we’ve seen for a number of years.

Sep-Nov 2022/23 crush totaled 521.8 million bushels, up 1 percent YOY. USDA is estimating a 2 percent increase in crush this marketing year vs. 2021/22.

November soybean oil yield fell to a two-year low: Soybean oil yield was just 11.63 pounds per bushel, leading to oil production declining 5 percent from October, when yield was 11.92 pounds per bushel.

NOPA oil stocks up 7 percent from October: Stocks continued to rise seasonally in November, with 102.5 million pounds added despite a month-on-month decline in oil production of 113.6 million pounds. Soybean oil use for edible applications usually drops 5 to 10 percent in November vs. October.

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NOPA soybean crush

Source: NOPA/Refinitiv
Posted by: Information Services
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