NOPA crush lightly misses expectation, still strong.

The National Oilseed Processors Association reported March soybean crush at 196.406 million bushels. This was a record, as wholly expected, for any prior March. It is also a record, wholly expected, for any prior month in history.

This March run was just under the 197.787 trade expectation. This rate was +5.7% from one year ago. Our Sep - March crush comes to +6.4% year over year. That is over the +4.0% USDA whole-year view. If remaining crush is +6.0% to +8.0% we'll exceed USDA's view by 47 - 64 million bushels.

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