U.S. soybean crushing fell below all trade estimates in August, hitting its lowest point in nearly three years, according to data released by the National Oilseed Processors Association (NOPA) on Monday. Soybean oil stocks also dropped to a 10-month low.
NOPA members, responsible for about 95% of U.S. soybean processing, crushed 158.008 million bushels of soybeans last month—the lowest volume since September 2021. This marked a 13.6% decline from July's 182.881 million bushels and a 2.1% drop compared to August 2023’s 161.453 million bushels.
The crushing volume was below all trade estimates and significantly lower than the average estimate of 171.325 million bushels from a Reuters survey of nine analysts. Estimates ranged from 162.000 million to 178.000 million bushels, with a median of 173.000 million bushels.
Soybean oil stocks among NOPA members dropped to 1.138 billion pounds by the end of August, down from 1.499 billion pounds in July and 1.250 billion pounds the previous year.
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