NOPA November crush report within expectations, soybean prices ease

The monthly crush report from the National Oilseed Processers Association for November showed crushing had accounted for 163.5 million bushels, just above the trade’s expectations of 163.1 million bushels.

That is marginally down on October’s volume, which was 164.2 million bu, although November has fewer days than October – on an adjusted basis, the crush is some 2% higher.

Oil stocks came in above the average expectation of analysts, as NOPA reported 1.326 billion lbs in stock, up from 1.269 billion lb in October, but markedly below the levels seen in November 2016.

"Implied soybean oil demand was a little less than expected during November," Terry Reilly analyst at Futures International said in a report.

"The soybean oil yield was reported at 11.46 pounds per bushel and confirms the 2017-18 soybean oil yield will likely end up below 2016-17," he contined. 

Soybean meal exports came in at 896,000 short tonnes - at the upper extreme of a range of expectations that had spanned between 600,000 and 900,000 st. 

The CBOT front month January futures contract saw values slide after the report's release, falling 1.5 cents/bu to $9.6625/bu at time of writing as the soybean complex responds to improved weather conditions.