The soybean crush margin improved

The soybean crush margin improved

Soybean Crush Central Illinois

The soybean crush margin improved as the price being paid for meal and oil held steady week over week, while the cost of soybeans declined. The value received from oil and meal sales, per bushel of soybeans crushed remained at $10.79 in Central IL. The cost of soybeans dropped from $9.39 to $9.32 per bushel, allowing the margin increase 7 cents. With the Estimated margin at $1.47, it has reached its highest level for the year.

NOPA’s most recent crush data shows that 149.246 million bushels were crushed during the month of May.  This exceeded analyst estimates that expected an average of 143.192 million bushels to be crushed. The crush increased 7.3% from April and was the second busiest crush for May on record. Year over year, the crush was 2.3% less than the 152.82 million bushels crushed during May of 2016. Meal exports of 595,468 tons, were 23% less than May of 2016.

Soybean oil stocks also moved higher, but were in line with expectations. Inventories increased 24 million pounds to 1.749 billion pounds in May.  This is up 1.4% from April but 12.3% less than the 1.994 billion pounds at the end of May 2016. Stocks recorded at the end of May 2016 were the highest on record for May.  Analyst had been forecasting stocks to increase to 1.745 billion pounds.

Cumulative bushels crushed by NOPA members during the 2016/17 season are 1.360 billion. The USDA is expecting the crush to be 1.910 billion bushels, which is 1.3% higher than last year’s crush total.  Through May, NOPA crush members have crushed 0.49% more soybeans than last season.   This lags USDA projections.

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