NOPA November US soybean crush dips to 193.185 million bushels
16/12/2024 17:00
(NOTE: For a table detailing NOPA data by region, see page
0#SEED-US-STAT )
By Karl Plume
CHICAGO, Dec 16 (Reuters) - The U.S. soybean crush
declined in November from an all-time high a month earlier and
fell short of most trade estimates, according to National
Oilseed Processors Association (NOPA) data released on Monday.
NOPA members, which account for about 95% of U.S.-processed
soybeans, crushed 193.185 million bushels of the oilseed last
month, below the average estimate of 196.713 million bushels in
a Reuters poll of 10 analysts.
Crush estimates for November ranged from 191.000 million to
207.000 million bushels, with a median of 195.911 million
bushels.
The November crush was down 3.4% from a record October crush
of 199.943 million bushels, a figure that NOPA revised slightly
downward on Monday from a previously reported 199.959 million
bushels.
It was still the largest November crush on record, up 2.2%
from the November 2023 crush of 189.038 million bushels, and the
fourth-largest ever for any month, according to NOPA data.
The average daily processing rate of 6.440 million bushels
in November was also the second-strongest pace on record,
although it was down slightly from October's record of 6.450
million bushels a day, according to NOPA data.
U.S. crush capacity has grown in recent years as processors
built several new plants and expanded existing ones to meet
surging vegetable oil demand from biofuels makers. Maintenance
downtime at a large Des Moines, Iowa, plant last month kept a
lid on the monthly crush, analysts said.
Soyoil stocks among NOPA members as of Nov. 30 increased to
1.084 billion pounds, from an upwardly revised 1.074 billion
pounds at the end of October.
Analysts, on average, had expected stocks to rise to 1.123
billion pounds, according to estimates from seven analysts.
Soyoil stocks estimates ranged from 1.021 billion to 1.178
billion lbs, with a median of 1.130 billion lbs.
(Reporting by Karl Plume)
((karl.plume@thomsonreuters.com; +1 313 484 5285))