U.S. soybean processing volumes in February were the highest on record

Published 2024년 3월 18일

Tridge summary

U.S. oil extraction plants processed a record 186.2 million bushels of soybeans in February, slightly up from 185.8 million in January, according to the National Oilseed Processors Association (NOPA). This increase is due to the launch of new oil refineries in the country. Furthermore, soybean oil stocks in the U.S. rose to 1.69 million tons of pounds by the end of February, up from January’s 1.507 million pounds. The latest NOPA report is expected to have a neutral impact on soybean oil and meal prices, but a positive effect on soybean prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Last month, soybean processing at U.S. oil extraction plants totaled 186.2 million bushels compared to 185.8 million bushels in January. Such data was released by analysts of the National Oilseed Processors Association (NOPA). According to their estimates, the current result was a record for February. As analyst Terry Reilly notes, the growth in processing volumes is due to the commissioning of new oil refineries in the United States. In addition, according to NOPA, soybean oil stocks in the country by the end of last month reached 1.69 million tons of pounds, which is higher than ...

Source: UkrAgroConsult