NOPA Crush Confirms Sluggish Soybean Demand

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The National Oilseed Processors’ Association (NOPA) monthly crush report released last week confirmed that domestic soybean demand remains sluggish. NOPA pegged its members’ November soybean crush at 141.3 million bushels, compared with trade estimates averaging 140.9 million bushels, according to a survey taken by Dow Jones Newswires.

The monthly crush was up slightly from the October level of 141.2 million bushels, but was down 5.1% from the November 2010 crush of 148.9 million bushels.

NOPA reported its members held soy-oil stocks of 1.876 billion pounds at the end of November compared with trade estimates averaging 1.850 billion pounds. The soy-oil stocks were virtually unchanged from a month earlier despite reduced production, but were down 33.7% from a year earlier.

The NOPA crush data supports the cut USDA made to its projection of the 2011-2012 crush in its Dec. 9 supply/demand update. USDA trimmed its crush projection by 10 million bushels to 1.625 billion bushels citing reduced domestic soy-meal consumption and a higher meal extraction rate.

NOPA reported a November meal yield of 47.81 lbs./bu., which was up from 47.64 lbs. in October and just below the November 2010 yield of 47.87 lbs.

The NOPA soy-oil yield fell to 11.31 lbs./bu. in November from 11.56 lbs. in October and 11.48 lbs. in November 2010.

 

Editor’s note: Richard Brock, Corn & Soybean Digest's marketing editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.

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