Members of the National Oilseed Processors Association (NOPA) crushed 159.228 million bu. of soybeans in June, easily topping the 2016 record for the month of 145.050 billion bu. and coming in just a bit lighter than traders expected. As expected, the data indicates NOPA crushers (who represent about 95% of all soybean processing within the U.S.) processed as many soybeans as possible over the past month as plants looked to take advantage of strong crush margins. That trend is likely to continue into July, as margins have widened even further amid a drop in soybean prices.
Soyoil stocks stood at 1.766 billion lbs. as of June 30, which represents a 90-million-lb. decline from May and the second month in a row where stocks have contracted. The figure was a bit tighter than the 1.807 billion lbs. analysts had anticipated.
NOPA members exported 857,275 MT of soymeal in June, which was a nearly a 48,000-MT decline from May. The U.S. has stepped up its soymeal shipments this marketing year as the No. 1 exporter Argentine is dealing with a soybean crop shortfall. Last week, USDA raised its 2017-18 soymeal export forecast by 400,000 short tons to 13.5 short tons.