US Soybean Crushing Profit Decreases by 9% Compared to Previous Week in Week 20 of 2023

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.