Members of the National Oilseed Processors Association (NOPA) crushed 161.016 million bu. of soybeans in April, setting a new record for the month and topping year-ago by 16%. The tally came in just a bit higher than expected and down from March’s all-time high crush of 171.858 million bushels.
Strong crushing margins and readily available soybean supplies have kept processors aggressively crushing beans in recent months, and market fundamentals signal that is unlikely to change any time soon.
The strong crush pace helped push soyoil stocks to 2.092 billion lbs., the highest tally since June 2013. Stocks came in 112 million lbs. higher than the average pre-report trade estimate, signaling domestic use was lighter than the market anticipated. This weighed on soyoil futures following the release.
Based on today’s crush data, we are lifting our crush forecast 5 million bu. to 2.005 billion bu., which would be 15 million bu. higher than USDA’s latest projection.