U.S. soybean processing declines
About 175.5 million bushels of soybeans were processed at U.S. oil extraction plants in April (-14% vs. March; -6% vs. April 2023), the lowest value in the past 7 months, according to a Reuters survey of market participants.
The decline is estimated to be due to the shutdown of some oil refineries in the country for seasonal maintenance work. Overall, the survey estimates of U.S. soybean processing volumes in the month under review ranged from 173.4-177.5 million bushels.
Respondents estimated the decline in U.S. soybean oil stocks as of April 30 at 5.9% for the month and 12.2% from the end-April 2023 figure.
Earlier, the national association NOPA attributed the decline in U.S. oilseed processing in April to higher feedstock procurement costs as well as sluggish oil demand from the biofuels sector.
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