Analysts predict that U.S. soy processors set a new record for soybean crush in March, based on estimates ahead of the forthcoming National Oilseed Processors Association (NOPA) report. It is anticipated that NOPA members, responsible for approximately 95% of all U.S.-processed soybeans, crushed an estimated 197.787 million bushels last month, signifying a notable 6.2% increase from February’s figure of 186.194 million bushels. This achievement also represents a 6.4% advance from March 2023’s crush of 185.810 million bushels, surpassing the previous record of 195.328 million bushels set in December 2023.
The estimated average processing rate for March stood at 6.380 million bushels per day, slightly lower than the record 6.420 million bushels per day achieved in February. Analysts attribute the surge in February’s processing to compensate for weather-related plant downtime in January, while the sustained high daily crush rate in March reflects the industry’s expanded processing capacity, particularly to meet the increased demand from biofuel producers for soyoil.
Estimates for March’s soybean crush ranged from 196.000 million to 202.500 million bushels, with a median of 197.248 million bushels. The NOPA report, scheduled for release on Monday, is expected to provide comprehensive insights into the industry’s performance and trends.
Furthermore, projections indicate that soyoil supplies held by NOPA members as of March 31 are forecasted to reach 1.792 billion lbs, marking a 6.0% increase from the end of February. Despite this rise, the figure represents a 3.2% decrease from the corresponding period in March 2023, with estimates ranging from 1.725 billion to 1.927 billion lbs and a median of 1.780 billion lbs.
The upcoming NOPA report is poised to provide valuable data on the industry’s production and inventory levels, offering critical insights into the dynamics of the soy processing and soyoil segments.