Soybeans rally despite a poor crush and rains ahead for Argentina January 17, 2023
December soybean processing totals were released for National Oilseed Processors Association crush plant members. 177.050 million bushels were processed last month. That was under the 182.907 trade estimate. This was -5.0% vs. last year. With four months of the year completed crush has run -0.7% vs. last year. USDA’s current goal, 2.245 billion bushels for the year, calls for +1.9% for the year. That would require a +3.1% year/year pace for the remaining eight months. As you know everyone has this wonderland hope in their hearts about soybean crush 2024 - 2026.
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