June 14, 2023

 

US soybean processing pace expected to slow for second consecutive month in May

 

Analysts predict that the pace of soybean processing in the US likely slowed for the second month in a row in May as some crushers temporarily halted operations for seasonal maintenance, MarketScreener reported.

 

Despite the expected slowdown, the May crush is still projected to be the largest on record for the month. Approximately 95% of all soybeans processed in the US are handled by members of the National Oilseed Processors Association (NOPA).

 

NOPA is set to release its monthly report, shedding light on the latest figures.

 

Based on estimates from 10 analysts, it is believed that these members crushed around 175.880 million bushels last month. This would indicate a daily crush rate of 5.674 million bushels, down from April's rate of 5.774 million bushels per day and the slowest pace since September, as per NOPA data.

 

While the estimate reflects a 1.5% increase from the 173.232 million bushels processed in April, it represents a more significant 2.8% rise compared to the May 2022 record of 171.077 million bushels.

 

Analysts' estimates for the May 2023 crush varied between 172.850 million and 179.200 million bushels, with a median of 175.334 million bushels.

 

The NOPA report provides crucial crush data and is published on the 15th of each month, or the next business day.

 

In terms of soyoil supplies, NOPA members were forecasted to hold approximately 1.942 billion pounds as of May 31, based on estimates gathered from seven analysts. This projection comes after soyoil stocks reached a 14-month high of 1.957 billion pounds at the end of April, while stocks at the end of May 2022 stood at 1.774 billion pounds.

 

Estimates for soyoil stocks ranged from 1.888 billion to 2.050 billion pounds, with a median of 1.925 billion pounds.

 

-      MarketScreener