PDF attached
The cold snap during the third week of December across the US likely impacted crushing rates last month. At 177.5 million bushels, the crush came in below most trade guesses. Soybean oil stocks of 1.791 billion pounds were 66 million above an average trade guess. The soybean yield improved to 11.74 pounds per bushel from 11.63 pounds for November. USDA may leave its yield estimate unchanged next month at 11.72 pounds per bushel. We had a working estimate of 11.65 pounds and may increase that at the end of this month when NASS US crush data is released. Soybean meal production was good but on a cumulative crop year basis running below year ago.
Terry Reilly
Futures International
One Lincoln Center
18W140 Butterfield Rd.
Suite 1450
Oakbrook Terrace, Il. 60181
W: 3126041366
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Crush-est-FI.pdf