Members of the National Oilseed Processors Association (NOPA) crushed 158.0 million bu. of soybeans during August, well shy of the 171.3 million bu. analysts expected and the lowest monthly figure since September 2021. Crush fell 24.9 million bu. (13.6%) from July and 3.4 million bu. (2.1%) from last year.
NOPA implies the full July crush of 166.0 million bushels. As a result, we lowered our 2023-24 crush forecast to 2.286 billion bu., 9 million bu. less than USDA’s estimate this month.
Amid the sharp slowdown in processing, soyoil stocks fell to a 10-month low of 1.138 billion pounds.
Read more from Pro Farmer.
