AUDIO: Brian Grossman, Zaner Group
The National Oilseed Processors Association (NOPA) Monday released its March soybean crush statistics. United States soybean crush rose for the fifth consecutive month, garnering a record high.
Zaner Ag Hedge market strategist Brian Grossman says the March NOPA Crush report highlights strong demand for United States soybean meal exports.
?A big day for NOPA Crush – coming in at a new record, 171.8 billion bushels crushed by NOPA processors, which accounts for roughly 95% of the soy meal processors out there, ? Grossman said. ?This is another record on top of previous months where we?ve been setting records. Soy oil stocks came in a on the higher side, but soymeal exports (were) shy of 900,000 tonnes. (It) was a good month all-in-all for soybeans regardless of tough talk we have going on with trade wars.?
Grossman believes strong demand will persist, as Argentinian crops battle dry conditions.
?I have no reason to see demand fading off, as long as we keep the Argentinian drought story in the headlines,? Grossman said. ?That is a reminder that they are the world?s largest crusher, but when they can?t keep pace, someone?s gotta make up for it. Last week we saw Argentina doing flash sales from the United States, for soybeans, so they?re obviously trying to keep their ducks in a row to ensure they can keep that crushing pace up and going.?
