March 15, 2010

US Feb soy crush seen down at 144.5 million bushels

The soy crush rate in the National Oilseed Processors Association's (NOPA) monthly soy crush report for February is expected to retreat from the previous month, coming in near 144.5 million bushels, according to a survey of industry analysts.

The soy crush will decline from January amid three fewer crushing days in February, said Dan Basse, president AgResource Co. in Chicago.

The daily crush rate was down only marginally from January, and despite lower amount of crushing days, the crush is still forecast at a record for the month of February, Basse added.

Estimates for the report ranged from as low as 142.0 million bushels to as high as 147.0 million bushels. In January, the crush was measured at 162.4 million bushels, and analysts said the crush in February would drop by about 18 million bushels.

The NOPA report includes figures only from member processors.

A reduction in domestic use for soymeal on a month-over-month basis and slower meal exports is another feature that led to a smaller crush, said Anne Frick, senior oilseed analyst with Prudential Bache in New York.

Meanwhile, NOPA soyoil stocks in February were expected to rise to 2.786 billion pounds from 2.695 billion pounds in January. Estimates ranged from as low as 2.777 billion pounds to as high as 2.795 billion pounds.

A strong level of crushing activity on a daily basis served as the catalyst for the buildup of soyoil stocks, analysts said.