Mumbai (Commodities Control) – The monthly U.S. soybean crush rose to the second highest monthly level on record in December, capping the busiest year of processing ever for the industry, according to data released by the National Oilseed Processors Association (NOPA) on Friday.
NOPA members, which handle about 95 percent of all soybeans processed in the United States, crushed 183.159 million bushels of the oilseed last month, up from 181.018 million bushels in November and 174.812 million bushels in December 2019.
It was the largest December crush on record and the second largest crush for any month, behind only October 2020.
Analysts, on average, had been expecting the December crush at 185.175 million bushels, according to estimates from 11 analysts. Estimates ranged from 182.000 million to 188.500 million bushels, with a median of 184.509 million bushels.
The massive December crush, which came despite soaring soybean prices and tightening supplies, closed out an historic year for the industry. NOPA members crushed 2.082 billion bushels of soybeans in 2020, topping the previous annual crush record of 1.971 billion bushels in 2018.
NOPA pegged soyoil supplies among its members at the end of December at a six-month high of 1.699 billion lbs, compared with 1.558 billion lbs at the end of November and 1.757 billion lbs at the end of December 2019.
The oil stocks were just short of the average trade forecast of 1.712 billion lbs, based on estimates gathered from eight analysts. Estimates ranged from 1.553 billion to 1.800 billion lbs, with a median of 1.751 billion.
Soymeal exports in December dipped to 1,037,303 tons, down from a near-eight-year high of 1,081,653 tons in November but up from 902,534 tons in December 2019, according to NOPA data.
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