November 2, 2023

US soybean crush expected to reach record levels

Analysts are forecasting that the United States soybean crush for September is likely to reach 5.249 million short tonnes, equivalent to 175.0 million bushels, according to the average estimates of seven analysts, Nasdaq reported.

This anticipated crush level would mark an increase from the 169.0 million bushels processed in August and the 167.6 million bushels crushed in September 2022, setting a new record for September, as per US Department of Agriculture (USDA) data.

Crush estimates spanned from 173.9 million bushels to 175.9 million bushels, with a median of 175.0 million bushels.

Additionally, analysts estimated that US soyoil stocks as of September 30 have decreased to 1.600 billion pounds. If these estimates are realised, it would signify a decline from the 1.772 billion pounds recorded at the end of August and a drop below the 1.991 billion pounds in stocks at the end of September 2022. These stocks would also mark a record low based on USDA data dating back to May 2015.

Estimates for soyoil stocks ranged from 1.550 billion to 1.650 billion pounds, with a median of 1.601 billion pounds.

The National Oilseed Processors Association (NOPA) reported that its members, who represent approximately 95% of the US soybean crush, processed a record 165.456 million bushels of soybeans last month. This figure reflects a 2.5% increase from the 161.453 million bushels processed in August and a 4.6% rise from the September 2022 crush of 158.109 million bushels.

Furthermore, soyoil supplies among NOPA members, as of September 30, dwindled to 1.108 billion pounds. These stocks are the lowest month-end oil stocks since December 2014.

-      Nasdaq