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The NOPA March US crush of 185.8 million bushels is a record for the month and 2.4 million above trade expectations. The daily rate of 5.994 million bushels was a record for any month, up from 5.91 crushed during the month f February and about 108,000 bushels per day above March 2022. Soybean oil stocks of 1.851 billion were 16 million below trade expectations and up from 1.809 billion at the end of February and compares to 1.908 billion March 2022. The soybean meal yield was unchanged and SBO yield increased to 47.70 pounds per bushel from 47.51 pounds during February. For the Month of March, the SBO yield of 47.70 is highest since 2013. USDA may increase the SBO yield in their balance sheet next month. The implied soybean oil demand last month was higher than we estimated. Our soybean crop year crush estimate remains unchanged at 2.230 billion bushels, 10 million above USDA and compares to 2.158 billion for the 2021-22 crop-year. Next year we see the US soybean crush at 2.295 billion bushels.
| Terry Reilly Senior Commodity Analyst – Grain and Oilseeds |
| Futures International One Lincoln Center 18W140 Butterfield Rd. Suite 1450 Oakbrook terrace, Il. 60181 |
| Work: 312.604.1366 ICE IM: treilly1 Skype IM: fi.treilly |
| treilly@futures-int.com
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Crush-est-FI041723.pdf