Members of the National Oilseed Processors Association (NOPA) crushed 168.085 million bu. of soybeans during August, which handily topped expectations for last month’s crush to come in around 162.018 million bushels. This is the second month in a row that NOPA crush has topped expectations by a wide margin. The August crush was the seventh biggest crush on record for any month and nearly a 10 million bu. increase from year-ago levels.
Spring flooding limited crushing this spring and early this summer, but processors are clearly working to make up for the downtime now.
Stocks of soybean oil dropped a bit more than expected during August to 1.401 billion lbs., a 21-month low and 222 million-lb. decline from year-ago. Analysts surveyed by Reuters had expected that figure to come in around 1.410 billion pounds.
Soymeal exports dropped from 879,319 MT in July to 699,212 MT in August, which was roughly a 63,000 MT decline from year-ago.