The US processed a record amount of soybeans in October

Last month, about 189.774 mln bushels of soybeans were processed at the U.S. oil extraction plants, according to the monitoring data of the National Association of NOPA. Experts note that these are the highest volumes in the history of observations, which were last recorded in December 2021 (186.438 mln bushels).

The current figure also exceeded the estimate of nine analysts (187.237 million bushels) previously surveyed by Reuters.

“The growing demand for vegetable oil for biofuel production has triggered a massive expansion of domestic refining capacity. In the next few years, it is planned to open new or modernize existing refineries,” the industry association said.

For example, NOPA emphasized that this week in North Dakota, Archer Daniels Midland and Marathon Petroleum opened the facility, which will process up to 150 thsd bushels of soybeans per day.

At the same time, according to the Association, by October 31, soybean oil stocks in the United States continued to decline for the sixth consecutive month and fell to the lowest level since December 2014 – 1.099 billion pounds.

The report of the National Association of Oilseed Processors NOPA contains information about 13 member companies, which account for about 95% of the soybean processing market in America.

Tags: soybean, USA