Members of the National Oilseed Processors Association (NOPA) crushed 169.8 million bu. of soybeans in April, down 12.0 million bu. (6.6%) from March and 2.6 million bu. less than traders expected. Still, April crush rose 9.5 million bu. (5.9%) from year-ago and was the second largest tally for the month, behind 2020.
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NOPA implies the full April crush at 181.0 million bushels. For the first eight months of 2021-22, we estimate the crush at 1.492 billion bu., which would be up 1.4% from the same period last year. At that level, crush over the final four months of 2021-22 would need to total 723 million bu. to reach USDA’s forecast of 2.215 billion bu. – or a monthly average of 181 million bushels. Given strong crush margins through August, crush is likely to reach or exceed USDA’s forecast.
Soyoil stocks fell to 1.814 billion lbs. at the end of April, the smallest monthly figure since September and 25 million lbs. less than traders expected. Soyoil inventories declined 4.9% from March but rose 6.6% from last year.
