April 20, 2023
US soybean crush jumps to 15-month high
The National Oilseed Processors Association (NOPA) said US soybean crush jumped to a 15-month high and the second highest level for any month on record in March, Nasdaq reported.
NOPA members processed 185.810 million bushels of soybeans last month, up 12.3% from the 165.414 million bushels processed in February. NOPA members account for approximately 95% of soybeans crushed in the US.
Data from NOPA showed it was the largest monthly crush since a record-breaking 186.438 million bushels were processed by NOPA members in December 2021.
Analysts said the daily soybean crush rate in the US increased in February and expanded further in March as soy processors recovered from weather- and maintenance-related downtime earlier in the winter.
A Reuters poll of ten analysts found that the March 2023 crush exceeded the average trade estimate of 183.411 million bushels. Estimates ranged from 180.700 million to 188.500 million bushels, with 182.938 million bushels serving as the median.
Soyoil supplies among NOPA members increased to 1.851 billion pounds as of March 31, up from 1.809 billion pounds in NOPA stocks at the end of February.
According to the average of seven analyst estimates, soyoil supplies were expected to rise to 1.867 billion pounds at the end of March. Estimates ranged from 1.8 billion to 1.95 billion pounds, with 1.868 billion pounds being the median.