US Soybean Crush Hits Record High in May, Surpassing Expectations

The U.S. soybean crush reached a new record high in May, surpassing most trade estimates as processors ramped up operations after a slowdown in April. According to data from the National Oilseed Processors Association (NOPA), NOPA members crushed 183.625 million bushels of soybeans last month, up 8.4% from April and 3.2% above the previous May record.

The May crush exceeded the average trade estimate of 178.352 million bushels, based on a Reuters survey of 11 analysts. Estimates ranged from 171.350 million to 187.643 million bushels, with a median of 178.000 million bushels.

The strong performance came as numerous U.S. soy processors restarted idled plants last month, following widespread downtime in April for seasonal maintenance and repairs. Soy processors had been crushing at a brisk pace since the fall harvest, with record crush tallies in February and March, taking advantage of favorable processing margins, which have since narrowed.

The May crush was particularly robust in the eastern Midwest, Iowa, the northern Plains, and the Southwest regions, though it was down in top soy producer Illinois compared to the previous month.

In addition to the higher crush, NOPA data also showed a decline in soyoil stocks among its members. Soyoil stocks as of May 31 fell to 1.724 billion pounds, down 5.9% from the end of April and 7.9% below year-ago levels. The stock levels were also lower than the average trade estimate of 1.775 billion pounds.

The strong soybean crush in May underscores the resilience of U.S. soy processing operations, as they continue to adapt to market conditions and capitalize on opportunities despite some seasonal slowdowns.

US Soybean Crush Hits Record High in May, Surpassing Expectations
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