Please click on the below link to download the NOPA and FI for 03/15/2018

NOPA updated their US monthly crush.  February was a record 5.49 bushels per day crush, or 153.719 million bushels, 4.3 million above an average trade guess. Soybean oil stocks were reported at a large 1.856 billion pounds, 90 million above a Reuters trade guess and 127 million above last month, and 188 million above a year ago. Soybean meal exports were discouraging as the trade anticipated a large figure. Soybean meal yield increased to 47.39 versus 47.29 which indicates more meal may have been carryout over into March that expected.  The soybean oil yield of 11.50 pounds per bushel fell a tenth from January. With the crush this large, NOPA soybean oil stocks could have ended up larger than 1.856 billion pounds, in our opinion.  The NOPA report is bullish nearby soybeans, slightly negative meal and neutral for soybean oil. Look for the CBOT crush to move a little lower from current 126.75 basis May position.