FI PDF attached. We will have to see what NASS reports at the end of the month before making downward adjustments in crush.
NOPA February soy crush drops to 17-month low of 155.158 million bushels, below estimates – Reuters News
By Karl Plume
CHICAGO, March 15 (Reuters) – The U.S. soybean crush was well below trade expectations in February, sinking to the lowest in 17 months, according to data released by the National Oilseed Processors Association (NOPA) on Monday.
NOPA members, which handle about 95 percent of all soybeans processed in the United States, crushed 155.158 million bushels of soybeans last month, the lowest for a single month since September 2019. The crush was down from 184.654 million bushels in January and 166.288 million bushels in February 2020.
Analysts, on average, had expected the February crush at 168.610 million bushels, according to estimates from nine analysts. Estimates ranged from 158.828 million to 175.300 million bushels, with a median of 167.900 million bushels. (Full Story)
NOPA said soyoil supplies among its members at the end of February dipped slightly to 1.757 billion lbs, from 1.799 billion lbs at the end of January and 1.922 billion lbs at the end of February 2020.
Oil stocks were also below the average trade forecast of 1.839 billion lbs, based on estimates gathered from six analysts. Estimates ranged from 1.650 billion to 1.932 billion lbs, with a median of 1.863 billion.
Soymeal exports last month totaled 837,815 tons, down from 969,353 tons in January but above 762,745 tons exported in February 2020, according to NOPA data.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Crush-est-FI031521.pdf