MARKET DEVELOPMENT
NOPA December soy crush jumps to record-high 186.438 million bushels
NOPA December soy crush jumps to record-high 186.438 million bushels
18.01.2022 (www.nasdaq.com) - By Karl Plume
CHICAGO, Jan 18 (Reuters) - U.S. soybean processors crushed a record monthly volume of soybeans in December and soybean oil stocks swelled to the largest in 20 months, topping trade expectations, according to National Oilseed Processors Association (NOPA) data released on Tuesday.
NOPA members crushed 186.438 million bushels of soybeans last month, up 3.9% from the 179.462 million bushels in November and up 1.8% from the 183.159 million bushels processed in December 2020.
It was the largest-ever monthly crush, topping the previous record of 185.245 million bushels set in October 2020.
Processors had been expected to crush 184.996 million bushels in December, according to the average of estimates from 11 analysts. Estimates ranged from 181.700 million to 188.700 million bushels, with a median of 185.300 million bushels.
NOPA said soyoil supplies among its members as of Dec. 31 jumped to 2.031 billion lbs, up 10.9% from 1.832 billion lbs at the end of November and up 19.6% from the 1.699 billion lbs among NOPA members at the end of December 2020.
Oil stocks had been expected to rise to 1.892 billion lbs, based on estimates gathered from eight analysts. Estimates ranged from 1.825 billion to 2.000 billion, with a median of 1.877 billion.
(Reporting by Karl Plume)