Members of the National Oilseed Processors Association (NOPA) crushed 186.2 million bu. of soybeans during February – by far the most ever for the month, exceeding the previous high of 166.3 million bu. in February 2020. The crush pace increased 0.2% from January and was 12.6% above year-ago.
NOPA data implies the full February crush of about 195.5 million bushels. At that level, crush would be on pace to top USDA’s forecast for a record 2.300 billion bu., though once Argentina begins actively crushing new-crop supplies, export demand for U.S. meal is likely to diminish, which could slow domestic crush.
Soyoil stocks totaled 1.690 billion bu. at the end of February, up 183 million lbs. from January amid the much larger-than-expected crush. Renewable diesel continues to use more soyoil than expected. Soyoil exports have picked up recently, too. Read the latest market updates from Pro Farmer.
