Cash Strategist 5/10/2023
The USDA's Fats and Oils report for March showed record soybean consumption. The U.S. crush industry processed 198 million bushels of soybeans in March, the second highest monthly total on record.
This was above the average trade guess and compares to 177 million bushels of usage in February and 193 million bushels of soybean crushings in March 2022.
Soy oil production totaled 2.34 billion pounds. This was an increase of 12% from February and 3% over March 2022.
To meet USDA projections, crush now needs to average 184.6 million bushels per month for the rest of the marketing year.
The grain crushing report for March was also released and showed 198 million bushels of corn was manufactured into ethanol. This was an increase of 12% from February but a 3% decrease from ...
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