USDA August soybean crush estimated at 171.6 million bushels -analysts

The U.S. soybean crush likely dropped in August to an 11-month low of 5.149 million short tons, or 171.6 million bushels, according to the average forecast of eight analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report.

The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CDT (1900 GMT) on Monday, Oct. 2. However, the data will not be issued if Congress fails to pass a spending package before midnight on Saturday, triggering a partial U.S. government shutdown.

If the crush estimate is realized, it would be down from the 184.8 million bushels processed in July and the 175.1 million bushels crushed in August 2022.

Crush estimates ranged from 170.9 million bushels to 173.0 million bushels, with a median of 171.5 million bushels.

U.S. soyoil stocks as of Aug. 31 were estimated to have declined to 1.840 billion pounds, based on the average of estimates from five analysts.

If realized, the stocks would be down from 2.149 billion pounds at the end of July and below stocks totaling 2.104 billion pounds at the end of August 2022. The stocks would also be the tightest since October 2019, according to USDA data.

Estimates ranged from 1.700 billion to 1.950 billion pounds, with a median of 1.850 billion pounds.

The National Oilseed Processors Association (NOPA) reported that its members, which account for about 95% of the U.S. soybean crush, processed 161.453 million bushels of soybeans last month, an 11-month low. The total was down 6.8% from the 173.303 million bushels processed by NOPA members in July and 2.5% lower than their August 2022 crush of 165.538 million bushels.

Soyoil supplies among NOPA members as of Aug. 30 thinned to 1.250 billion pounds, the lowest end-of-month oil stocks since October 2017.
Source: Reuters (Reporting by Karl Plume; editing by Jonathan Oatis)