The U.S. soybean crush reached an all-time high in December, driven by the recent launch of several new processing plants, according to data released by the National Oilseed Processors Association (NOPA).
Key Highlights:
Record Crushing Figures:
NOPA members, representing over 95% of U.S.-processed soybeans, crushed 206.604 million bushels in December.
This marks a 6.9% increase from 193.185 million bushels in November and a 5.8% rise from 195.328 million bushels in December 2023.
Analyst Estimates:
The December crush exceeded the average estimate of 205.498 million bushels from a Reuters poll of eight analysts, with estimates ranging from 202.000 million to 209.500 million bushels.
Previous Records:
December’s crush surpassed the previous record of 199.943 million bushels set in October. The report included data from two newly opened processing plants in Kansas and North Dakota.
Processing Capacity Growth:
The U.S. soy processing capacity has expanded significantly in recent years as processors have built new facilities and upgraded existing ones to meet the demand for vegetable oil feedstock from biofuels producers.
Annual Crushing Totals:
For the entire year of 2024, NOPA members crushed 2.215 billion bushels, reflecting a 4.4% increase compared to the previous year.
Soyoil Stocks:
Soyoil stocks among NOPA members rose to 1.236 billion pounds as of December 31, up 14.0% from 1.084 billion pounds at the end of November. This is the largest stock level since July.
Analysts had anticipated stocks to increase to 1.253 billion pounds, with estimates ranging from 1.178 billion to 1.298 billion pounds.