January 3, 2023

US soybean crushings in November likely declined

Analysts said US soybean crushings likely fell in November 2022 to 5.706 million short tonnes, or 190.2 million bushels, ahead of a monthly US Department of Agriculture (USDA) report, Successful Farming reported.

The November crush would be lower than the 196.6 million bushels crushed in October 2022, and slightly lower than the November 2021 crush of 190.6 million bushels.

Crush estimates ranged from 188.5 million bushels to 191.1 million bushels, with 190.3 million bushels being the median.

According to the average of five analyst estimates, US soyoil stocks as of November 30 will increase to 2.203 billion pounds. If realised, the supply would be up from 2.094 billion pounds at the end of October and the highest since the end of July, but down from 2.406 billion pounds at the end of November last year.

Soyoil stock estimates ranged from 2.184 billion to 2.225 billion pounds, with a median of 2.200 billion pounds.

Members of the National Oilseed Processors Association (NOPA), which account for approximately 95% of soybeans processed in the US, crushed 179.184 million bushels of soybeans last month, a 2.9% decrease from October and a 0.2% decrease from November 2021. Soyoil supplies held by NOPA members as of November 30 increased 6.7% from October to 1.630 billion lbs.

-      Successful Farming