NOPA’s October soybean crush up 17% MoM, in line with industry expectations
— Soybean crush was 184.464 million bushes, exactly as expected
— Soybean oil inventories were 1.528 billion pounds, below market expectations of 1.535 billion pounds
Foreign media news on November 15: The monthly crush report released by the National Oilseed Processors Association (NOPA) on Tuesday showed that the soybean crush of the association’s member companies increased seasonally in October 2022, in line with market expectations; soybean oil stocks rose by 8 The first increase in months.
NOPA members account for about 95 percent of U.S. soybean crush. 184.464 million bushes of soybeans were crushed in October, up 16.7 percent from September’s 158.109 million bushes and 0.3 percent higher than last October’s 183.993 million bushes.
Before the report, analysts expected soybean crush to reach 184.464 million bushels in September, with forecasts ranging from 175 million to 191.34 million bushels, with a median of 185 million bushels.
With the soybean harvest, the soybean crushing profit is at a historically high level, boosting the growth of soybean processing volume.
USDA raised its 2022/23 U.S. soybean crush by 10 million bushels to 2.245 billion in its November supply and demand report, the second consecutive monthly increase and a 1.9% increase from 2021/22’s 2.204 billion bushels .
Soybean oil stocks at the end of October increased by 4.7% month-on-month, but lower than expected
According to the NOPA report, the soybean oil stocks of NOPA member companies at the end of October were 1.528 billion pounds, an increase of 4.7% from the 1.459 billion pounds at the end of September.
Before the report, analysts had forecast inventories at 1.535 billion pounds at the end of October, with forecasts ranging from 1.425 billion to 1.700 billion pounds, with a median of 1.530 billion pounds.