Members of the National Oilseed Processors Association (NOPA) crushed 183.6 million bu. of soybeans during May, 5.2 million bu. more than the average pre-report estimate and a record for the month. Crush increased 14.2 million bu. (8.4%) from April and 5.7 million bu. (3.2%) more than last year, which was the previous high for the month.
The NOPA data implies a full May soybean crush of 192.5 million bushels. At that level, crush would be on pace to reach USDA’s 2023-24 forecast of 2.290 billion bushels.
Soyoil stocks at the end of May totaled 1.724 billion lbs., down 108 million lbs. (5.9%) from April and 148 million lbs. (7.9%) below year-ago, despite the stronger-expected crush. Read the latest news and market reports from Pro Farmer.
