NOPA Soybean Crush

Yesterday the April NOPA soybean crush report was released yesterday and came in with 160.3 mb, down 6.7% from last year. It was seen as somewhat disappointing as it was about 8 mb below what the trade was expecting. Year to date crush is up 1.3%, virtually right on USDA’s estimate. We believe the demand is out there for soybean products, it’s just whether soybean crushers can find adequate supply of beans to allow our crush somewhere close to where we were last year during the final 4 months of the marketing year.