USDA October soy crush seen at record 210.9 million bushels, analysts say
By Karl Plume
CHICAGO, Nov 27 (Reuters) -The U.S. soybean crush in October likely jumped to a record-high 6.327 million short tons, or 210.9 million bushels, analysts surveyed by Reuters estimated ahead of a monthly U.S. Department of Agriculture report due on Monday.
If the average of seven analyst estimates is realized, it would be up 13.1% from 186.5 million bushels crushed in September and up 4.7% from the October 2023 crush of 201.4 million bushels.
U.S. soy processing capacity has grown in recent years as some crushers expanded plants while others built new ones to meet rising vegetable oil demand from biofuels makers.
October's crush, however, is not expected to fully reflect the capacity growth as a large processing plant in Des Moines, Iowa, was idled for maintenance for a portion of the month, analysts said.
Crush estimates ranged from 209.5 million to 212.0 million bushels, with a median of 210.5 million bushels.
The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CDT (2000 GMT) on Monday.
U.S. soyoil stocks as of Oct. 31, 2024, were estimated at 1.520 billion pounds, based on the average of estimates from five analysts.
The oil stocks estimate, if realized, would reflect a 1.3% increase from 1.501 billion pounds in storage at the end of September and a 1.2% rise from year-ago stocks totaling 1.502 billion pounds. It would also be the first stocks increase in seven months, according to USDA data.
Estimates ranged from 1.500 billion to 1.569 billion pounds, with a median of 1.505 billion pounds.
The National Oilseed Processors Association said its members, which account for at least 95% of soybeans processed in the United States, crushed a record 199.959 million bushels last month. End-of-month oil stocks edged slightly higher to 1.069 billion pounds after thinning in the previous month to the lowest level since November 2014.
Reporting by Karl Plume in Chicago; editing by Jonathan Oatis
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