NOPA October US soybean crush hits record 199.959 million bushels
15/11/2024 17:00
(NOTE: For a table detailing NOPA data by region, see page
0#SEED-US-STAT )
By Karl Plume
CHICAGO, Nov 15 (Reuters) - The U.S. soybean crush
surged to an all-time monthly high in October, while soyoil
stocks edged up slightly from a near-decade low the prior month,
according to National Oilseed Processors Association (NOPA) data
released on Friday.
NOPA members, which account for around 95% of soybeans
processed in the United States, crushed 199.959 million bushels
of the oilseed last month, eclipsing the previous record of
196.406 million bushels set in March 2024. It was up 12.8% from
the 177.320 million bushels crushed in September and up 5.4%
from the October 2023 crush of 189.774 million bushels.
The crush was above the average trade estimate of 196.843
million bushels, based on a Reuters survey of 10 analysts.
Estimates ranged from 189.500 million to 205.183 million
bushels, with a median of 197.425 million bushels.
U.S. crush capacity has swelled in recent years as
processors built several new plants and expanded existing ones
to meet surging vegetable oil demand from biofuels makers.
The October crush did not fully reflect that capacity growth
as a large processing plant in Des Moines, Iowa, was idled for
maintenance for a portion of the month, analysts said.
But the October data did include a new NOPA member, South
Dakota Soybean Processors, and its processing plant in Volga,
South Dakota, NOPA said, adding that the group expects another
two new members to be included in its report as soon as November
or December.
Soyoil stocks among NOPA members as of Oct. 31 increased
slightly to 1.069 billion pounds, from 1.066 billion pounds at
the end of September, which was the tightest end-of-month supply
since November 2014.
Analysts, on average, had expected stocks to rise to 1.090
billion pounds, according to estimates from seven analysts.
Soyoil stocks estimates ranged from 999 million to 1.226
billion lbs, with a median of 1.100 billion lbs.
(Reporting by Karl Plume)
((karl.plume@thomsonreuters.com; +1 313 484 5285))