On May 23, the US Department of Agriculture released its crushing report, which showed that US soybean crushing profits decreased by 9.0% compared to a week ago. As of the week ending May 19, 2023, the crushing profit of US soybeans was $1.72 per bushel, compared to $1.89 per bushel last week. The truck quote for soybean oil in Illinois was 49.77 cents per pound, or $5.87 per bushel, compared to 52.02 cents per pound, or $6.14 per bushel last week. The spot price of 48% protein soybean meal at an Illinois soybean processing plant was $417.20 per short ton, or $9.70 per bushel, compared to $440.50 per short ton, or $10.24 per bushel last week. The average price of No. 1 yellow soybeans during the same period was $13.85 per bushel, compared to $14.49 per bushel last week.
US Soybean Crushing Profit Decreases by 9% Compared to Previous Week in Week 20 of 2023
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