MUMBAI, 16 July (Commoditiescontrol): US soybean crushers processed a record-high volume of soybeans in December, boosting soyoil stocks, according to estimates from the National Oilseed Processors Association (NOPA) released on Tuesday.
NOPA members, who handle approximately 95% of the country's soybean crushing activity, processed an estimated 195.3 million bushels (bu) of soybeans in December. This marks a record for any month and reflects a 3% increase from November and a 10% rise compared to the previous year.
NOPA's figures exceeded market expectations, which had anticipated a December crush of 193.1 million bu. The report's implications were bearish for soyoil prices as the higher-than-expected crush led to an estimated increase in soyoil stocks at processing plants to 1.36 billion pounds by the end of the month, surpassing the market's forecast of 1.29 billion pounds.
Following the release, front-month CME soyoil futures declined approximately 0.6% within 30 minutes.
(By Commoditiescontrol Bureau; +91 98201 30172)
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