March 27, 2017

NOPA Crush 3-15-2017

March 15th, 2017

The 142.792 million bushel February crush was under the 146.091 trade expectation. This was 2.3% under last year. It was the first bearish month of crush of the whole year.

Crush from September through February has totaled 776 million bushels for the NOPA dataset (94% of all US production). That is 3.4% over last year. USDA’s whole-year goal is for a 2.9% increase. Officially we are still ahead of USDA’s whole-year guess. However, this February number is a disappointment.

If you plug in a 2% year over year growth from March through August then we will miss USDA’s hopes by 6 million bushels.

Current crush margins are 76 cents per bushel purchased. That is over the 55 cents from last year at this time.

031517-nopa (002) crush31520171

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