Soybean futures are mostly trading with double digit losses at midday. The NOPA monthly crush report was a little smaller than trade estimates at 161.2 million bushels, but still an all time record high soy use for November. Weekly disappearance between exports and crush is currently about 110 million bushels per week. If we could do that all year it would take over 5 billion bushels (we can’t). Oil yield dropped to 11.10 pounds per bushel, the worst November since 2009. The low oil yield limited the oil stocks buildup to a total of 1.005 billion pounds. Both bean meal and bean oil contracts are trading lower today. Export Inspections reported on Monday were strong, but down 386,000 MT from last week, but up 85,000 MT from the same week a year ago. US export shipments YTD are 4.68 MMT (172 million bushels) ahead of last year.
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