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U.S. Soy Crush Hits Record, Soyoil Stocks Fall in May

17 Jun 2024 11:23 pm
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MUMBAI, 17 Jun (Commoditiescontrol): The U.S. soy crush rebounded in May from a seven-month low in April, surpassing trade estimates and setting a new record for the month. According to data released by the National Oilseed Processors Association (NOPA) on Monday, processors crushed 183.625 million bushels of soybeans last month. This marks an 8.4% increase from April's crush of 169.436 million bushels and a 3.2% rise from May 2023's previous record of 177.915 million bushels.

The crush exceeded the average trade estimate of 178.352 million bushels, based on a Reuters survey of 11 analysts. Estimates ranged from 171.350 million to 187.643 million bushels, with a median of 178.000 million bushels.

Several U.S. soy processors resumed operations last month following widespread downtime in April for seasonal maintenance and repairs. Processors have been operating at a brisk pace since the fall harvest, with record crush tallies in February and March, to capitalize on favorable processing margins, which have since narrowed.

The May crush was notably higher compared to the previous month in regions such as the eastern Midwest, Iowa, the northern Plains, and the Southwest. However, it was down in top soy producer Illinois, according to NOPA data.

Soyoil stocks among NOPA members as of May 31 fell to 1.724 billion pounds, down 5.9% from 1.832 billion pounds at the end of April and 7.9% below the year-ago level of 1.872 billion pounds. Analysts had expected stocks to dip to 1.775 billion pounds on average, based on estimates from eight analysts, which ranged from 1.675 billion to 1.950 billion pounds, with a median of 1.749 billion pounds.

(By Commoditiescontrol Bureau; +91 98201 3018)


       
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