Highlights
NOPA crush in December was 206.604 million bushels, up 7% from November and up 6% from a year ago. This is the largest monthly NOPA crush ever recorded. New crush records have been set in the past four months and 10 of the past 12 months. The range of expectations were 202.0 and 209.5 million bushels, with the average of 205.5. Soy oil stocks were 1.236 billion pounds, up from 1.084 billion last month, but 17 million pounds less than expected. Soy oil inventory is the lowest level since 2014/2015.
Agricomp Commodities of Asuncion, Paraguay reduced their estimate of total South American soybean production by 8.5 million mts to 224.5 million mts (USDA 235.3 for this year, 215.5 last year and 197.95 two years ago). This is old news as the weather has been reducing yields for at least three weeks.