Members of the National Oilseed Processors Association (NOPA) crushed 182.9 million bu. of soybeans in July, slightly more than the 182.4 million bu. analysts expected. The crush pace increased 7.3 million bu. (4.1%) from June and topped last year’s record by 9.6 million bu. (5.5%).
NOPA data implies a full U.S. crush of 191.0 million bu. for July. At that level, crush would top USDA’s forecast of 2.290 billion bu. by about 10 million bu., so our forecast is 2.300 billion bushels.
Soyoil stocks fell to a seven-month low of 1.499 billion lbs., down 123 million lbs. from June and 28 million lbs. less than last year.
