04/16/2025 Mile of Road, No Place to Go

On the Grains
Good morning, ladies and gentlemen. What will today bring on the CBOT? We are here to start this party with the NOPA crush numbers, released yesterday. March’s crush was 194.55 million bushels, below estimates and last year’s crush of 196.4 million bushels. This marks back-to-back months of disappointing soybean usage. Any anticipation of increased usage in future USDA reports might be met with disappointment. Soybean oil stocks finally saw a reduction, the first in six months. While a meal rally is a real rally, if we could get something cooking in the oil, it would also support the bean complex. Oil stocks year-over-year for March were sharply lower, down 19.1%.