Chicago | Reuters — The U.S. soybean crush likely eased slightly to 5.991 million short tons in November, or 199.7 million bushels, while soyoil stocks rose, according to analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report.
The U.S. crush topped 200 million bushels in October for the first time ever as a recently expanded and still-growing U.S. soy processing industry crushed greater volumes of soybeans amid rising vegetable oil demand from biofuel makers.
If the November crush estimate, gathered from eight analysts, is realized, it would be down 0.8 per cent from the record high of 201.4 million bushels processed in October but up 5.3 per cent from the 189.6 million bushels crushed in November 2022. It would also represent the second-largest monthly crush on record.
Read Also
U.S. grains: Wheat futures rise on supply snags in top-exporter Russia
U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
Crush estimates ranged from 197.78 million to 200.75 million bushels, with a median of 199.9 million bushels.
The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CST (2000 GMT) on Tuesday.
U.S. soyoil stocks as of Nov. 30 were estimated at 1.634 billion pounds based on the average of estimates from five analysts.
If realized, the stocks would be up 8.4 per cent from 1.507 billion pounds at the end of October but down 22.5 per cent from stocks totaling 2.108 billion pounds at the end of November 2022.
Estimates ranged from 1.600 billion to 1.700 billion pounds, with a median of 1.620 billion pounds.
The National Oilseed Processors Association reported that its members, which account for about 95 per cent of the U.S. soy crush, processed 189.038 million bushels in November, down from NOPA’s record-large October crush of 189.774 million bushels but above the group’s year-ago November 2022 crush of 179.184 million bushels.
NOPA soyoil stocks as of Nov. 30 rose to 1.214 billion pounds, after falling in October to 1.099 billion, the lowest level in nearly nine years.
