Tidbits, NOPA, Export Sales, Markets & Rain Days Update 12/16/22
The National Oilseed Processors Association (NOPA) soybean crush for November was 179.184 million bushels, well below the trade’s expectation of 181.473 mb and below the low end of the range of expectations of 180.0. Soy oil stocks were reported at 1.630 billion pounds, above the average trade estimate of 1.619 billion pounds (range 1.550-1.775). Considering the crush was less than expected and, yet, the soy oil stocks were larger than expected, soybean futures held in there pretty good yesterday considering the disappointing crush numbers.
To learn all about the NOPA, go to: https://www.wrightonthemarket.com/post/about-the-nopa
Bean prices were helped by the weekly export sales report showing that a lot of US beans were sold during the reporting week ending last Thursday; how much is a lot? USDA has been tracking weekly grain and oilseed soybean sales since 1972. Last week’s sales were the fifth largest ever. That is 2,614 weekly reports and last week was 5 from the top... Now that is impressive, Folks.
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