Soybean Meal and Oil Stocks Decline

USDA March crush data was in line with expectations and with the data previously released by the National Oilseed Processors Association (NOPA).  Per the USDA, 188.2 million bushels of beans were crushed during March, resulting in 2.22 billion pounds of oil and 4.18 million tons of meal. The March soybean crush was 14.5 percent over the February crush but two percent under the March 2020 crush. Crude oil production increased 15.2 percent and soybean meal output was of 14.4 percent over February output. 

Soybean meal and soybean oil stocks fell to a three-month low. March meal stocks of 415,418 tons are 23.7 percent below February and fractionally under March 2020 stock levels. Crude soybean oil stocks of 1.86 billion pounds are 3.6 percent below February but 12.7 percent over levels at this time last year. Total soybean oil stocks, crude and once refined, are 2.5 billion pounds, 60,710 under…