U.S. soybean processing declines due to slowing biofuel demand
US National Oilseed Processors Association (NOPA) reported a significant decline in domestic soybean processing in April, driven by higher soybean prices and slowing biofuel demand.
The monthly decline was 15.5%, 1.6% below the long-term average, marking the first decline in the 2023/24 season and the first month without record highs, AHDB analysts commented.
Kristin Stien, Eastern Iowa grain marketing consultant at Ever.Ag, notes growing demand for soybeans.
U.S. processing profitability fell sharply in April and May, exacerbated by slow grain movement at planting time, which significantly slowed soybean processing. In addition, exports are at a 19-year low due to a record crop in South America, making them more competitive in the global market, the advisor added.
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