September 15, 2022
US soybean processing pace in August 2022 down from previous month
Analysts predicted that the US soybean processing pace in August would have slowed from the previous month, as some crushers idled facilities for seasonal maintenance in preparation for the Midwest harvest, Reuters reported.
This was prior to the release of the monthly National Oilseed Processors Association (NOPA) report.
NOPA members, who handle approximately 95% of all soybeans processed in the US, were estimated to have crushed 166.110 million bushels of soybeans last month. This is based on the average of nine analysts' estimates.
If realised, the crush would be lower by 2.4% than the 170.220 million bushels processed by NOPA members in July but higher by 4.6% than the 158.843 million bushels crushed in August 2021. Additionally, it would surpass 2019 as the second-largest August crush ever recorded.
The daily processing rate of 5.358 million bushels is projected to be the slowest since last September.
The range of estimates for the August 2022 crush was 162.500 million to 171.500 million bushels, with 166.500 million bushels serving as the median.
The monthly NOPA report will be made public on Thursday at 11 a.m. CDT (1600 GMT). On the 15th of every month, or the following business day, NOPA releases crush data.
Based on the average of six analysts' estimates, soyoil supplies held by NOPA members as of August 31 were expected to have decreased for a sixth consecutive month to 1.658 billion pounds, a 13-month low.
If realised, the soyoil stocks would be down 0.6% from the 1.668 billion pounds held by NOPA members at the end of August 2021 and down 1.5% from the 1.684 billion pounds at the end of July.
With a median estimate of 1.649 billion pounds, soyoil stock estimates ranged from 1.575 billion to 1.800 billion pounds.