WASHINGTON, Aug. 2: The U.S. Department of Agriculture’s monthly oilseed processing report showed that U.S. soybean crush in June was higher than the previous month and the same period last year, but slightly below analysts’ expectations.
U.S. soybean crush in June 2022 was 5.22 million short tons (174 million bushes), up from 5.43 million short tons (181 million bushels) in May and up from 4.85 million short tons (162 million bushels) in the same period last year, This is also the second highest on record for the same period after June 2020’s 177.3 million bushels.
Before the report, analysts on average expected June U.S. soybean crush to be 5.233 million short tons or 174.4 million bushels, with forecasts ranging from 173 million to 175 million bushes, with a median of 174.4 million bushels.
In contrast, the National Oilseed Processors Association (NOPA) said that soybean crush at NOPA member companies was 164.677 million bushels in June, down nearly 4 percent from May but up 8 percent from June 2021. NOPA represents about 95% of soybean processors in the United States.
Soybean crushing is profitable and helps to encourage soybean processing. The U.S. Department of Agriculture’s weekly crush report showed that soybean crush profit was $3.70 per bush for the week ended July 29, up 52% from a week earlier and 56% higher than a year earlier.
U.S. soybean oil production fell 4% in June
The USDA report also showed that crude soybean oil production in June 2022 was 2.07 billion pounds, a decrease of 4% month-on-month but an increase of 8% year-on-year. Refined soybean oil production was 1.64 billion pounds, down 7% sequentially and up 3% year over year.
U.S. canola crush was 147,715 tons in June 2022
U.S. rapeseed crush was 147,715 tons in June, compared with 97,792 tons in May and 163,537 tons a year earlier. Crude rapeseed oil production in June was 120 million pounds, up 56% month-on-month and down 11% year-over-year.
Refined rapeseed oil production in June was 124 million pounds, up 36% month-on-month and down 21% year-over-year.
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