Members of the National Oilseed Processors Association (NOPA) crushed 160.779 million bu. of soybeans during September, toppling expectations by 3.373 million bu. and smashing the previous record by nearly 21 million bushels. Of note, this marks the 11th month in a row where the crush has hit a record for the month.
Traders had been expecting a slight reduction from August’s crush of 158.885 million bu. as September is traditionally a period where plants take some downtime for seasonal repairs and maintenance before new-crop supplies come available. That was clearly not the case this time, with tight supplies in Argentina and Brazil likely bolstering demand. Indeed, soymeal exports during September climbed to 785,267 MT, up notably from shipments of 761,899 MT the month prior and sharply above the 487,397 MT shipped in September 2017.
Adding to the strong demand story, soyoil stocks came in at 1.531 billion lbs. as of Sept. 30, down 92 million lbs. from the end of August, despite the month-over-month increase in processing. The stocks number also fell 48 million lbs. short of what traders expected.