July soybean crush implies we'll lightly exceed USDA's goal.

USDA's monthly soybean crush report, covering July activity, ran 193.5 million bushels. That was +4.7% from one year ago. In most years USDA's report is considered a little dated. NOPA already released its report for July. This covers 95% of all crush in the US. Given the sharp decline in activity this year specifically at the remaining small plants that are not NOPA members, there has been renewed focus on the USDA all-US report.

Year to date activity, September - July, now runs 2.120 billion bushels. this is +3.8% year/year. USDA's whole-year goal is 2.290 billion, +3.5%. To meet USDA's goal August needs to see a 170 million bushel run, +0.7%. If we see +4.0% to +7.0% processing in August, our current belief, we'll exceed USDA's goal by a light +6 to +9 million bushels.

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