Members of the National Oilseed Processors Association (NOPA) crushed 152.566 million bu. of soybeans during September, a sharp 15.519 million bu. drop from August and a hefty 8.213 million-bu. decline from last September’s record. Analysts surveyed by Reuters had been expecting crush to come in at 162.193 million bu., on average. The tally also came in well under the low end of the range of guesses at 155.740 million bushels.
A September slowdown is pretty common, as processors often slow crushing for plant maintenance during the month. But this year the slowdown was far more pronounced than anticipated. The past two months of crush tallies were much stronger than expected.
Soyoil stocks at month’s end stood at 1.442 billion lbs., a 41-million bu. increase from August and 89-million-bu. decline from year-ago. Traders had been anticipating another month-to-month drawdown to 1.320 billion pounds.