Soybeans Fade, NOPA Crush Seen As Disappointing

NOPA crush in January, 179.007 million bushels, was under the 181.656 trade estimate. It was also -1.8% vs. last year. Sep – Jan crush now runs -0.9% vs. last year. USDA’s current whole-year goal is +1.2%. The next seven months need to improve to +2.6% to hit USDA’s goal. USDA may need another light cut to their domestic crush goal. The private member organization, NOPA, is a good proxy for whole-US crush as its members crush 95% of all soybeans.

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