July soybean crush up on month, year
Strong domestic demand for soybean meal pushed the U.S. soybean crush higher in July. The USDA says 181 million bushels of soybeans were crushed in July, up 7 million from June and 15 million from July 2021, encouraged by bullish margins and solid cash basis prices for bean meal in parts of the Midwest. Soybean meal production was 3,984,830 tons, while crude soybean oil production was 1.713 billion pounds, both also up on the month and the year.
Slower demand for ethanol partially caused by high gas prices impacted corn for ethanol use. The USDA says 445.723 million bushels of corn were used for fuel alcohol production in July, an increase of less than one percent from the previous month, but a decrease of 1% from last year. Production of distillers dried grains with solubles was 1,934,355 tons, 1% higher than the prior month, but 2% lower than a year ago.
The USDA’s next set of soybean crush and corn for ethanol use estimates is out on the 12th.