# NOPA shows tighter soybean oil stocks - McKeany-Flavell

> NOPA reported June 2023 soybean crush above 165 million bushels, below analyst expectations and about 7% below May. Soybean oil stocks fell to 1.69 billion pounds, a seven-month low and about 4% below a year earlier. Crop condition was 55% good to excellent versus 61% a year prior.

- Date: 2023-07-28 · published 2023-07-28T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/10706-nopa-shows-tighter-soybean-oil-stocks-mckeany-flavell
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A crush shortfall and tight oil stocks reduce supply of both soyoil and meal, supporting prices for both products. The weaker-than-expected crush points to firmer near-term product values.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2022-01-05 | [Soybean oil edible use up 9.5% in November - McKeany-Flavell](https://feedsoft.ai/events/43240-soybean-oil-edible-use-up-9-5-in-november-mckeany-flavell.md) | +0.7% | +6.3% |
| SBO | 2022-09-21 | [Jan-Jun soybean oil use for biofuel up 19% YOY - McKeany-Flavell](https://feedsoft.ai/events/15369-jan-jun-soybean-oil-use-for-biofuel-up-19-yoy-mckeany-flavell.md) | -5.8% | -0.8% |
| SBO | 2023-08-22 | [Record use of soybean oil for biofuel in May - McKeany-Flavell](https://feedsoft.ai/events/34662-record-use-of-soybean-oil-for-biofuel-in-may-mckeany-flavell.md) | -1.1% | -8.2% |
| SBO | 2020-10-16 | [September soybean crush sets record for month - McKeany-Flavell](https://feedsoft.ai/events/50713-september-soybean-crush-sets-record-for-month-mckeany-flavell.md) | +1.6% | +11.7% |
| SBO | 2021-05-26 | [April soybean crush well below expectations - McKeany-Flavell](https://feedsoft.ai/events/47159-april-soybean-crush-well-below-expectations-mckeany-flavell.md) | -2.5% | -12.8% |
| SBM | 2020-11-12 | [November WASDE Report Tightens Soybean Stocks](https://feedsoft.ai/events/12423-november-wasde-report-tightens-soybean-stocks.md) | +0.6% | -3.0% |
| SBM | 2020-10-16 | [September soybean crush sets record for month - McKeany-Flavell](https://feedsoft.ai/events/50713-september-soybean-crush-sets-record-for-month-mckeany-flavell.md) | +2.8% | +4.3% |
| SBM | 2021-05-26 | [April soybean crush well below expectations - McKeany-Flavell](https://feedsoft.ai/events/47159-april-soybean-crush-well-below-expectations-mckeany-flavell.md) | +1.5% | -6.4% |

## Sources

- mckeany-flavell.com: https://www.mckeany-flavell.com/nopa-shows-tighter-soybean-oil-stocks-7-28-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.