November 17, 2023


US soybean processors achieve record crush in October




In a recent report by the National Oilseed Processors Association (NOPA), United States soybean processors marked a historic milestone with a record-breaking crush in October, while soyoil stocks plummeted to their lowest point in almost nine years, Nasdaq reported.


NOPA members, representing approximately 95% of the US soybean crush, processed an unprecedented 189.774 million bushels of soybeans last month. This figure marks a notable 14.7% increase from September's crush of 165.456 million bushels and a 2.9% uptick from October 2022's crush of 184.464 million bushels. Notably, October's performance surpassed the previous all-time high set in December 2021, with a crush of 186.438 million bushels.


The surge in demand for vegetable oil, particularly for biofuel production like renewable diesel, has fuelled a significant expansion in domestic crushing capacity. The industry anticipates the opening of several new or upgraded processing plants in the coming years to meet this growing demand. Archer-Daniels-Midland Co and oil major Marathon Petroleum Corp recently inaugurated a new plant in North Dakota, capable of processing 150,000 bushels of soybeans daily.


NOPA's October crush exceeded the average trade estimate of 187.237 million bushels. Projections ranged from 180.000 million to 193.235 million bushels, with a median estimate of 187.400 million bushels.


Soyoil stocks among NOPA members dwindled for the sixth consecutive month, reaching 1.099 billion pounds as of October 31. This figure falls below the average trade estimate and represents the lowest end-of-month oil supply since December 2014. The soyoil stocks were 0.8% lower than the 1.108 billion pounds at the end of September and 28.1% less than the stocks recorded at the end of October the previous year.


Analysts, on average, had anticipated an increase in stocks to 1.188 billion pounds, according to estimates from seven analysts. The range of estimates varied from 1.080 billion to 1.300 billion pounds, with a median of 1.189 billion pounds.


-      Nasdaq

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