USDA and FI PDF’s (5 in all) attached + annual revision table below for soybean crush and SBO stocks.
USDA NASS reported corn for ethanol use was 444 million bushels during the month of January, above an average trade guess of 437 million and below 464 million year earlier. This may have little impact on corn price direction. USDA did not release a corn for ethanol use annual report, at least on their web homepage.
USDA NASS reported the January US soybean crush at 191.1 million bushels, 1.5 million above trade expectations and below 194.3 million year ago. 6.17 million bushels were crusher per day, below 6.27 million January 2022. Soybean oil stocks of 2.356 million were only 15 million pounds below an average trade guess, and below 2.500 billion at the end of January 2022. The larger than expected crush should have inflated the bean oil carryout above trade expectations. So SBO demand during January was better than expected. The crush and SBO stocks is slightly supportive for both commodities. Meal stocks are down a touch from last month and seen neutral for price reaction. Both soybean oil and meal yields were up month over month, so implied product demand was decent. The annual report was also released today.
Annual revisions
| 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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USDA_Soy_Crush030123.pdf