August NOPA crush sharply misses expectations.

USDA raised its view of whole-year old crop US soybean crush last week, +5 million bushels to now 2.295 billion. To meet this goal, with our assumption of -20% activity for the few small plants, the goal for NOPA members would be 2.189 billion.

Today's August NOPA report was a clear disappointment. At 158.008 million bushels it was under the trade's 171.325 expectation. It would be the lowest August crush in seven years. This wraps up the old crop NOPA numbers to only 2.178. Ahead of this surprising setback for August activity, we had agreed with USDA's increase this month. This would now appear as though old crop crush could run 11 million bushels under USDA.

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