NOPA October US soybean crush hits record 199.959 million bushels

The U.S. soybean crush surged to an all-time monthly high in October, while soyoil stocks edged up slightly from a near-decade low the prior month, according to National Oilseed Processors Association (NOPA) data released.

NOPA members, which account for around 95% of soybeans processed in the United States, crushed 199.959 million bushels of the oilseed last month, eclipsing the previous record of 196.406 million bushels set in March 2024. It was up 12.8% from the 177.320 million bushels crushed in September and up 5.4% from the October 2023 crush of 189.774 million bushels.

The crush was above the average trade estimate of 196.843 million bushels, based on a Reuters survey of 10 analysts. Estimates ranged from 189.500 million to 205.183 million bushels, with a median of 197.425 million bushels.

U.S. crush capacity has swelled in recent years as processors built several new plants and expanded existing ones to meet surging vegetable oil demand from biofuels makers.

The October crush did not fully reflect that capacity growth as a large processing plant in Des Moines, Iowa, was idled for maintenance for a portion of the month, analysts said.

But the October data did include a new NOPA member, South Dakota Soybean Processors, and its processing plant in Volga, South Dakota, NOPA said, adding that the group expects another two new members to be included in its report as soon as November or December.

Soyoil stocks among NOPA members as of Oct. 31 increased slightly to 1.069 billion pounds, from 1.066 billion pounds at the end of September, which was the tightest end-of-month supply since November 2014.

Analysts, on average, had expected stocks to rise to 1.090 billion pounds, according to estimates from seven analysts.

Soyoil stocks estimates ranged from 999 million to 1.226 billion lbs, with a median of 1.100 billion lbs.
Source: Reuters (Reporting by Karl Plume)