Highlights
Compared to July, the NOPA August crush decreased 14% to 158.008 million bu. The market expected 171.325! The August crush was down 2% from a year ago. This is the lowest August total since 2017 and the lowest monthly total since September 2021. Soybean crush for marketing year just completed set monthly records for 10 out of the 12 months.
The soy oil inventory on August 31st was 1.138 billion pounds, down from 1.499 billion last month. The market expected 1.356 billion pounds.
Chinese crude oil refinery run rates in August were 10% less than July and 17.6% less than a year ago. However, Chinese refiners built crude oil inventories at a daily rate of 3.2 million barrels last month, which would be the largest monthly increase in inventories since 2015. Bearish? Maybe not.