PDF attached
NOPA reported the November crush at 179.2 million bushels, 2.3 million below an average trade guess, below 184.5 million crushed in October and 179.5 million November 2021. The reported was seen a little bearish for soybean futures, and soybean oil. On a daily adjusted basis, crushing rates increased slightly from October (0.4%) and was down a touch from November 2021 (-0.2%). The 179.2 million bushels crushed was the third lowest for the month of November. The soybean oil yield was much lower than expected at 11.63 pounds per bushel but end of November stocks came in 11 million pounds above an average trade guess. The yield compares to 11.76 pounds per bushel reported November 2021. At 1.630 billion pounds, stocks are down from 1.832 billion year ago. Implied soybean oil demand last month was lower than expected. The meal yield increased to 47.05 from 46.67 previous month.
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
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Crush-est-FI121522.pdf