Soybean Meal Exports 10% Over February 2020

The National Oilseed Processors Association (NOPA) US February soybean crush pivoted after reaching monthly highs the past several months, as the crush reached a 17-month low. The crush consumed 155.158 million bushels of soybeans, far below analysts’ expectations.  The monthly crush was 16 percent below the January crush and 6.7 percent under the February 2020 crush. Analyst had been expecting the crush to decline about nine percent lower at 168.6 million bushels.  

Soybean oil stocks declined to 1.757 billion pounds, 2.3 percent below January and 8.6 percent under February 2020. Soybean oil stocks declined for the first time in six months.  Soybean meal exports of 837,815 tons were 14 percent lower than in January but 10 percent over February 2020.  

Cumulative bushels crushed by NOPA members during the 2020/21 season are 889.23 million bushels. The USDA…