US soybean processing in September is estimated at a record 5.6 mln tons

US soybean processing probably rebounded in September to a level of 5.6 million tons, or 187.4 million bushels, analysts polled by Reuters estimated ahead of the US Department of Agriculture’s monthly report.

If the average estimate of nine forecasts is realized, the processing rate would rise 7.2% more than the 174.7 million bushels in September 2023.Soybean processors have expanded capacity and built new plants in recent years to take advantage of rising demand for soybean oil for biofuel production.

Processing rates are expected to rebound in September and increase further in the coming months as the new US crop fills the market.

U.S. soybean oil stocks as of September 30, 2024, were estimated at 1.539 billion pounds based on the average of six analysts’ estimates. If forecasts hold true, oil stocks would be down 5.6% from 1.629 billion pounds at the end of August and down 4.3% from last year’s 1.607 billion pounds.

The Oilseed Processors Association said its members, which account for about 95% of US soybeans processed, processed 177.32 million bushels last month, a record for September. NOPA said month-end oil stocks fell to 1.066 billion pounds, the lowest since November 2014.

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Tags: soybean, USA