Near record US soybean crush falls short of estimate: NOPA

15 Jan 2021 | Rei Geyssens

The National Oilseed Processors Association (NOPA) reported the December soybean crush at its second highest level ever recorded by the trade association but fell short of market estimates on Friday.

The December soybean crush was reported by NOPA – which represents around 95% of all US soybean crushers – at 183.2 million bushels, just short of 5 million mt, and up from November’s volume of 181 million bu.

While December’s figure was the second-highest ever recorded after the all-time record of last October, it fell short of market estimates of 185.2 million bu.

US crush rates remained firm at the tail-end of 2020 despite CBOT soybean futures trading near six-year highs as CBOT soymeal and CBOT soyoil futures rallied in tandem to also hit six-year highs keeping the US board crush above $1/bu.

The US board crush – a measure of the potential profit margin for soybean crushers – averaged $1.07/bu in December, down from the $1.20/bu recorded the month before and slightly higher than the December 2019 average of $1.05/bu, Agricensus calculations showed.

Soybean oil stocks were reported at 1.699 billion pounds (771,000 mt), also below market estimates of 1.1712 billion pounds. 

Stocks rose for a second straight month and were up 9% from November but remained below the 1.757 billion pound stock level reported in December 2019.