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Soybean Crush Touches Record-Highs Of Over 176 Mn Bushels: NOPA

19 Feb 2020 8:48 am
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Mumbai (Commodities Control) – U.S. soy processing plants crushed a record volume of soybeans in January, while soyoil stocks swelled to the highest in 21 months, according to National Oilseed Processors Association (NOPA) data issued on Tuesday.

NOPA processed 176.940 million bushels of soybeans last month, up from the 174.812 million bushels crushed in December and above the January 2019 crush of 171.630 million bushels.

The crush was above the average trade estimate of 173.748 million bushels. Estimates ranged from 171.000 million to 176.980 million bushels, with a median of 174.000 million.

Good soy crush margins and strong demand for soymeal fueled the stronger-than-expected processing pace, analysts said.

Soybean oil stocks at the end of January topped all trade estimates at 2.013 billion pounds, the highest since April 2018, according to NOPA. The stocks rose from 1.757 billion pounds at the end of December and were well above the 1.549 billion pounds held by NOPA members a year earlier.

Analysts, on average, expected soyoil stocks to rise slightly to 1.782 billion pounds, based on the average of estimates from six analysts. Estimates for soyoil stocks ranged from 1.650 billion to 1.875 billion pounds, with a median estimate of 1.812 billion.

January soymeal exports rose to a 15-month high of 931,061 tons, up from 902,534 tons in December and 905,923 tons in January 2019, according to NOPA.

(Commodities Control Bureau)

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