January 15, 2021

US soybean processing plants turn in third biggest monthly crush on record in January

Analysts polled ahead of a National Oilseed Processors Association (NOPA) report said soybean processing plants in the United States were estimated to have crushed 183.087 million bushels of soybeans in January, the third-largest monthly crush on record, Reuters reported.

Members of NOPA handle about 95% of all soybeans processed in the US.

The estimates are little changed from the 183.159 million bushels crushed in December and 3.5% higher than January 2020, which was 176.940 million bushels processed.

Rising prices for soybean during and after the 2020 harvest resulted in more farmer sales of soybeans to processing plants.

Analysts said daily crushing rates have reached record highs for the past four months, averaging roughly 6 million bushels per day.

However, US soybean supplies are forecasted to drop ahead of the next harvest. The US Department of Agriculture projected tight end-of-season stocks, the lowest in seven years and the tightest stocks-to-use ratio on record.

Soybean crush estimates in January ranged between 180.000 million to 186.300 million bushels, with a 184.000 million bushels median estimate.

- Reuters