Soybean processing in September in the US reached a record high

Last month, the US crushers processed about 165.456 mln bushels of soybeans, which is the highest value for September on record – the previous record for this period was set in 2020. The current value is also 2.5% higher than in August. Such data was released by the analysts of the National Oilseed Processors Association (NOPA).

At the same time, the stocks of soybean oil by the end of September decreased to the lowest level since December 2014 – to 1.108 mln tonnes, compared to 1.25 mln tonnes in August and 1.459 mln tonnes a year earlier.

It should be noted that the country is currently harvesting a new soybean crop and last week, American farmers significantly accelerated the pace of field work. By October 15, according to the National Agricultural Statistics Service (NASS USDA), the oilseed was harvested from 62% of the area (+19% per week).

According to the forecasts of the USDA, this season the gross harvest of soybeans will decrease by 4% compared to the previous agricultural year and by 2% to the average value for the last 5 years – to 111.7 mln tonnes.

Tags: soybean, Processing, USA