Climbing soymeal prices push monthly US crush to all-time high

US meal producers monthly crush rose for a fifth consecutive month to a record high of 171.858 million bushels of soybeans, as rising meal prices lend support to margins, data released by National Oilseed Processors Association (NOPA) showed Monday.

The record number beats analysts’ expectations, according to Reuters, who were already expecting a record high of 168.247 million bushels, up from the previous all-time high of 166.305 million bushels in December last year.

Soymeal prices have been on the rise since the start of the year on crop concerns in Argentina, a major soymeal exporter.

The March crush is up 11.8% on the month and 12.3% from March last year, according to NOPA data, which represents about 95% of all soybean crushers in the US.

US soybean oil stocks gained 90 million pounds during March to 1.946 billion pounds by the last day of the month, NOPA data shows, beating analysts’ expectations of 1.962 billion pounds and boosting the country’s stock to the highest level since June 2016.

US soybean exports in March were propelled to the third highest level on record at 879,000 mt, up from February’s 755,103 mt, but below March 2017's 1.057 million mt.