The January Soybean Crush is Second Largest on Record

The USDA made noticeable adjustments to the December crush data when releasing their January crush report.  The December crush was reduced by 18,764 tons of soybeans, lowering soybean meal output 34,142 tons to 4.23 million. December crude oil production was revised 1.77 million pounds higher to 2.31 billion pounds. The USDA also reduced December 2020 stocks.  Meal stocks were lowered 49,201 tons to 308,933 and soybean oil stocks (crude and once refined) were reduced 107.98 million pounds.   

USDA January crush data was in line with expectations and with the data previously released by the National Oilseed Processors Association (NOPA) for January.  Per the USDA, 196.5 million bushels of beans were crushed during January, resulting in 2.31 billion pounds of oil and 4.35 million tons of meal. The January soybean crush was 1.8 percent above…