April 23, 2017

NOPA Crush 2-15-2017

January soybean crushing, via the NOPA numbers, ran 160.321 million bushels. That was over the trade’s optimistic 159.141 estimate. It was also the second strongest crush for January in history.

This number is 6.8% over last year’s low January pace. Margins are an issue. Gross processing margins of 79.95 cents per soybean purchased. Last year in January the gross margin averaged 42.75 cents.

NOPA crush plants, which account for 94% of US production, has processed 776 million bushels from September through January. That is 3.4% over last year. USDA’s whole-year goal is for a 2.3% increase. If you plug in something like a mild 2.0% year/year gain from February through August we will beat USDA’s hopes by 4 million bushels.

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