NOPA Issues Updates to Soybean Oil and Soybean Meal Trading Rules for 2024/25 Marketing Year
October 8, 2024 – With the start of the new Marketing Year, the National Oilseed Processors Association (NOPA) has released its annual update of its soybean meal and soybean oil trading rules. NOPA’s Trading Rules have been amended numerous times since their initial adoption, and are published annually at the start of each marketing year on October 1.
Updates to the MY24-25 Trading Rules, effective October 1, 2024, include:
- Section 4. Official Meal Samples & Adjustments: Revised to clarify “Official Meal Sample” and “Destination Sample”; align claims period with industry practices; and added language to specify that any additional charge for administrative fees associated with the processing of a claim must be mutually agreed upon between the buyer and seller at the time of contract
- Rule 8. Weights: Modified the Official Weighmasters requirements to recognize designations from State Weights & Measures Departments; eliminated the Seller’s reporting requirements for the Official Weighmasters to NOPA, instead requiring Sellers to retain records for each designated Official Weighmaster.
- The Equipment Certification & Inspection reporting requirements under NOPA’s Trading Rules remain unchanged.
- Added new NOPA Sample Bag supplier
- Updated American Oil Chemists’ Society (AOCS) Official Referee Labs list
- Section 102. Grade & Quality Standards for Soybean Oil: Removed the FFA specification for Crude (Not Degummed) and updates peroxide value and oxidative stability specifications for RBD to align with industry practices
- Rule 108. Weights: Modified the Official Weighmasters requirements to recognize designations from State Weights & Measures Departments; eliminated the Seller’s reporting requirements for Official Weighmasters to NOPA, instead requiring Sellers to retain records for each designated Official Weighmaster.
- Updated AOCS Approved Referee Chemists list
Additional information and the updated trading rules are posted to NOPA’s website.
NOPA’s Soybean Meal Trading Rules Committee and Soybean Oil Trading Rules Committee each meet annually to ensure the effectiveness and usefulness of NOPA’s Trading Rules and related administrative programs with input from NOPA’s Food/Feed Safety & Quality Advisory Group, NOPA’s Designated Professional Engineer, and/or AOCS, as appropriate. When modern commercial practices warrant changes, these committees recommend revisions for approval by NOPA’s Board of Directors.
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Organized in 1930, the National Oilseed Processors Association (NOPA) represents the U.S. soybean, canola, flaxseed, safflower seed, and sunflower seed-crushing industries. NOPA’s membership is engaged in the processing of oilseeds for meal and oil that are utilized in the manufacturing of food, feed, renewable fuels, and industrial products. NOPA’s 17 member companies operate over 70 softseed and soybean solvent extraction plants across 21 states, crushing over 95% of all soybeans processed in the United States, the equivalent to more than 2 billion bushels annually. More information at www.NOPA.org