Members of the National Oilseed Processors Association (NOPA) crushed an eye-popping 175.397 million bu. of soybeans last month, despite the challenges that came with the receipt of wet beans and a late harvest. The tally crushed expectations by more than 8.6 million bu. and topped the previous all-time record for any month that happened to be set in October 2018 by more than 3 million bushels. This also represented a 22.8 million bu.-plus surge from September, when many plants conducted annual maintenance.
Month-end soyoil stocks signaled strong demand for soy byproducts, as stocks came in at 1.423 billion lbs., just 3 million lbs. higher than expected despite the much bigger crush number than the market anticipated. That was a 19 million-bu. decline from the end of September and an 80 million-bu. cut from year-ago levels.
Soymeal exports last month totaled 894,817 MT, according to NOPA data. That’s up 50,233 MT from September but down 72,357 MT from year-ago.