NOPA: US soybean processing hits record in March

United States
Market & Price Trends
Published Apr 16, 2024

Tridge summary

In March, U.S. soybean crushers achieved a new milestone by processing a record 196.406 million bushels of soybeans, surpassing the previous record set in December 2023. Despite this achievement, the daily processing rate experienced a slight decline from the record set in February. This surge in soybean processing is largely due to increased crushing capacity and the inauguration of new plants, fueled by the growing demand for vegetable oils by renewable fuel producers. However, the March crush figures fell slightly short of trade expectations. Additionally, soybean oil stocks among NOPA members saw a significant increase, reaching the highest month-end supply since May.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

By Karl Plume CHICAGO (Reuters) - U.S. soybean crushers processed more beans in March than in any other month on record, although the daily pace of processing slowed slightly from February's record (a month shorter), according to with data from the national association of oilseed processors (NOPA), released this Monday. NOPA members, who account for about 95% of the soybeans crushed in the United States, processed 196.406 million bushels of soybeans last month, up 5.5% from 186.194 million bushels in February and 5. 7% compared to 185.810 million bushels in March 2023. The elevated crush erased the previous monthly record of 195.328 million bushels, set in December 2023. The average daily crush rate, however, fell to 6.336 million bushels, below the record 6.420 million bushels per day in February, NOPA data showed. U.S. soybean processors have expanded crushing capacity and opened new plants to capitalize on growing demand for vegetable oils from renewable fuel producers, driving ...
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