The U.S. soybean crush experienced a decline in November, falling from an all-time high set the previous month and not meeting most trade estimates, as reported by the National Oilseed Processors Association (NOPA) on Monday.
Key Highlights:
Crush Figures:
NOPA members, representing approximately 95% of U.S.-processed soybeans, crushed 193.185 million bushels in November.
This figure was below the average estimate of 196.713 million bushels from a Reuters poll of 10 analysts.
Estimates Overview:
November crush estimates varied between 191.000 million and 207.000 million bushels, with a median estimate of 195.911 million bushels.
The November crush was down 3.4% from the record 199.943 million bushels crushed in October, which was slightly revised downward from the previously reported 199.959 million bushels.
Record Performance:
Despite the decline, November’s crush was still the largest on record for the month, up 2.2% from 189.038 million bushels crushed in November 2023.
It also marked the fourth-largest crush ever recorded for any month.
Processing Rates:
The average daily processing rate was 6.440 million bushels, the second-strongest pace on record, though slightly down from October’s record of 6.450 million bushels per day.
Capacity and Maintenance:
U.S. crush capacity has increased in recent years due to the construction of new plants and the expansion of existing ones to meet rising vegetable oil demand from biofuels producers.
Maintenance downtime at a large plant in Des Moines, Iowa, contributed to the lower monthly crush figures.
Soyoil Stocks:
As of November 30, soyoil stocks among NOPA members rose to 1.084 billion pounds, up from an upwardly revised 1.074 billion pounds at the end of October.
Analysts had anticipated stocks to increase to 1.123 billion pounds, with estimates ranging from 1.021 billion to 1.178 billion pounds and a median of 1.130 billion pounds.