The January NOPA crush report appears slightly supportive for SBO with lower-than-expected SBO stocks. The January crush was 2.6 million bushels below trade expectations at 179.0 million bushels and is bearish for soybeans. Month over month the daily crush improved only 0.048 million bushels from December and was down 1.8% from a year ago. Soybean oil stocks were up 38 million pounds from month earlier and down 197 million pounds from year ago. The SBO yield improved to 11.80 pounds per bushel from 11.74. The meal yield fell to 47.32 from 47.52. The January crush enforces our idea USDA is still too high for the 2022-23 crop year. We are currently 10 million bu below USDA for the soybean crush.
Senior Commodity Analyst – Grain and Oilseeds
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