The February soybean crush was reported by NOPA at 165.4 million bushels, 0.6 million below an average trade guess and compares to 179.0 month earlier and 165.1 million a year earlier. The 165.4 million bushels was second largest for the month of February. Year on year the crush improved. Prior months it was lagging. On a daily adjusted basis, US crush was up 133,000 bushels from January and 13,000 above February 2022. NOPA reported end of February soybean oil stocks at 1.809 billion pounds, 77 million below the 1.886 billion trade guess, below 1.829 billion (20 mil) at the end of January and below 2.059 billion year earlier. The SBO yield of 11.85 improved from 11.80 for January. Soybean meal yield was reported at 47.51, above 47.32 for January and compares to 46.99 year earlier. The crude report is seen slightly supportive for soybean oil and neutral for soybeans and meal.
Senior Commodity Analyst – Grain and Oilseeds
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