The National Oilseed Processors Association (NOPA) reported yesterday at mid-day their members crushed 158.109 million bushels, of soybeans in September, 3% above a year ago, but 2% below two years ago and 3.5 million bushels less than the expected to be 161.627 mil bu. Soy oil stocks are at 1.459 billion pounds, the lowest in 2 years and way below trade guess of 1.522 billion pounds, so the oil demand improved. NOPA members produced 40 million fewer pounds of oil than expected, but the inventory declined about 63 million pounds more than expected.
To learn about the NOPA, go to: https://www.wrightonthemarket.com/post/about-the-nopa
Both weather models predict 1 to 3 inches of rain for the bulk of Argentina for Oct 22 to Oct 25. Argentina has received less rain than that collectively the past four months. This rain forecast pressured corn and beans yesterday and overnight.