Soybean Meal Exports Slow as Crush Moves Higher

The National Oilseed Processors Association (NOPA) US January soybean crush was the largest January crush on record and the second largest monthly crush total of all-time. The crush consumed 184.654 million bushels of soybeans, outpacing the previous January record of 176.94 bushels set last year.  The monthly crush was 0.82 percent above the December crush and 4.4 percent over the January 2020 crush. Analyst had been expecting the crush to be about one percent lower at 183.1 million bushels.  

Soybean oil stocks increased to 1.799 billion pounds, six percent over December but 10.6 percent under January 2020. Soybean oil stocks reached an 8-month high.  Soybean meal exports of 969,353 tons were 6.6 percent lower than in December but four percent over January 2020.  

Cumulative bushels crushed by NOPA members during the 2020/21 season are 734.08 million…