The NOPA US soybean crush fell to a two-year low in June and was reported 7.1 million below expectations. The ECB and southeast regions declined a large amount from the previous month. Daily adjusted the crush rate fell 195,000 bushels from May’s rate, or 3.7%, and was down 8.9% from the June 2020 rate. Soybean oil production was 1.798 billion pounds vs. 1.932 last month (-133) and 1.933 billion June 2020 (-240). SBO stocks of 1.537 billion are lowest in eight months, off from 1.671 billion at the end of May and 1.778 billion at the end of June last year. Implied soybean oil use was good at 1.931 billion pounds, down from 1.964 billion during May and 2.036 billion pounds year earlier. The soybean oil yield remained high at 11.80 pounds per bushel, down from 11.82 previous month. June soybean meal exports were 714,729 short tons, versus 714,377 short tons in May and 835,403 short tons in June 2020.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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