PDF attached
NOPA reported the January crush at 184.7 million bushels, 1.5 million above a Reuters trade guess. This was the second largest crush for any month in history. The Daily crush rate of 5.96 million bushels per day was the third largest for any month in history. Last November NOPA members crushed a record 6.11 million bushels per day. Soybean oil stocks at the end of January stood at 1.799 billion pounds, 36 million above an average trade estimate, up from 1.699 billion at the end of December and compares to 2.013 billion at the end of January 2020. One takeaway with soybean oil stocks is that domestic use and/or exports during the month was good as January soybean oil production hit an all-time record for any month. The soybean yield was reported at 11.77 pounds per bushel, up sharply from 11.59 for December and well above 11.50 pounds for January. Note SBO stocks are highest since May 2020. Soybean meal production during the month of January also hit an all-time high for any month. Exports for soybean meal fell to 969,000 short tons from 1.037 million during December and are above 931,000 exported year earlier. The NOPA crush is seen friendly for the three crush components.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Futures International, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Futures International, LLC does not warrant or guarantee the accuracy of such information or opinions. Futures International, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results.
Crush-est-FI021621.pdf