Highlights
NOPA members crushed 182.881 million bushels of soybean in July, which was 442,400 bushels more than the market expected. That was 5.5% more than last year’s record large July crush. Better yet, oil stocks were 1.499 billion pounds, which was 109 million fewer pounds than the market expected.
Soybean oil and meal basis in Brazil is sharply higher this week. The resulting improving crush margins for the beans makes Brazil’s small bean supplies for export smaller yet.
A Russian missile struck the port city of Odessa in Ukraine, which might have supported wheat yesterday, even though no damage to grain facilities was reported. Ukraine wheat harvest is nearly complete. Odessa is the largest grain export port on the Black Sea.