Genscape's estimate was right in line with the National Oilseed Processors Association's (NOPA) March 2017 crush number. NOPA's crush came in at 153.1 million bushels, while Genscape reported 152.1 million bushels. Industry news sources reported that soybean futures moved down because the diminished crush was lower than expected.
Based on Genscape monitoring, Genscape accurately detected daily crush rates decreasing from February to March in five of the six NOPA regions:
- 1 percent in Iowa
- 5 percent in Indiana, Kentucky, Ohio, and Michigan (IKMO)
- 5 percent in Minnesota
- 3 percent in the Southwest
- 1 percent in the Southeast
Genscape monitoring indicated multi-day outages at:
- Bunge - Council Bluffs, Iowa
- Incobrasa - Gilman, Illinois
- Bunge – Morristown, Indiana
- Louis Dreyfus – Claypool, Indiana
This accounted for 1.4 million missed bushels. Industry sources indicated additional maintenance outages at:
- Cargill - Cedar Rapids (East), Iowa
- Cargill - Gainesville, Georgia
- Riceland - Stuttgart, Arkansas
Genscape monitoring also indicated that Bunge – Decatur, Indiana, continued to operate at a reduced rate since early February.
Genscape also uses proprietary monitoring to track biodiesel and renewable diesel shipments to the United States. Genscape observed a total of 28 million gallons of biodiesel imported from Argentina and no biodiesel imported from Indonesia. In total, imports last month were up from Genscape’s March 2016 observations when biodiesel imports totaled 21.6 million gallons. Genscape is monitoring even more potential biodiesel shipments on the water from Argentina in April than March and there are currently no potential shipments from Indonesia on the watch list.
Genscape’s Soybean Crush Report provides insight with proprietary, near-real time monitoring of a strong statistical sample of the U.S. soybean processing. The report provides timely, impactful data that assists our clients in making better-informed decisions. To learn more about Genscape’s Soybean Crush Report, please click here.