NOPA September US soybean crush up sharply to 177.320 mln bushels
NOTE: For a table detailing NOPA data by region, see page 0#SEED-US-STAT
By Karl Plume
CHICAGO, Oct 15 (Reuters) -The U.S. soybean crush topped all trade estimates in September in a strong rebound from a near-three-year low the previous month, while soyoil stocks fell to the lowest point in almost a decade, according to National Oilseed Processors Association (NOPA) data released on Tuesday.
NOPA members, which account for around 95% of soybeans processed in the United States, crushed 177.320 million bushels of the oilseed last month, a record amount for September. That was up 12.2% from the 158.008 million bushels crushed in August and up 7.2% from the September 2023 crush of 165.456 million bushels, which was the previous record for the month.
The crush exceeded all trade estimates and was well above the average estimate of 170.331 million bushels, based on a Reuters survey of 10 analysts. Estimates ranged from 164.000 million to 177.000 million bushels, with a median of 170.400 million bushels.
Analysts had expected the September crush to rebound from a 35-month low in August, when more processing plants than expected idled facilities for seasonal pre-harvest repairs and maintenance.
The crush is expected to surge in coming months as arecord-large U.S. soybean harvest floods the market.
Soyoil stocks among NOPA members as of Sept. 30 dropped for a sixth straight month to 1.066 billion pounds, the tightest end-of-month supply since November 2014. The stocks were down 6.3% from the 1.138 billion pounds on hand at the end of August and 3.8% below year-ago stocks of 1.108 billion pounds.
Analysts, on average, had expected stocks to decline to 1.083 billion pounds, according to estimates from seven analysts.
Soyoil stocks estimates ranged from 865 million to 1.200 billion lbs, with a median of 1.100 billion lbs.
Reporting by Karl Plume
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