NOPA August US soybean crush drops near 3-yr low at 158.008 mln bushels
NOTE: For a table detailing NOPA data by region, see page 0#SEED-US-STAT
By Karl Plume
CHICAGO, Sept 16 (Reuters) -The U.S. soybean crush dropped below all trade estimates in August to the lowest point for a single month in nearly three years, while soyoil stocks fell to a 10-month low, according to National Oilseed Processors Association (NOPA) data released on Monday.
NOPA members, which account for around 95% of soybeans processed in the United States, crushed 158.008 million bushels of the oilseed last month, the lowest since September 2021. That was down 13.6% from the 182.881 million bushels crushed in July and down 2.1% from the August 2023 crush of 161.453 million bushels.
The crush was below all trade estimates and far short of the average estimate of 171.325 million bushels, based on a Reuters survey of nine analysts. Estimates ranged from 162.000 million to 178.000 million bushels, with a median of 173.000 million bushels.
Analysts had expected a more modest seasonal drop in the processing pace as crushers normally idle some facilities for maintenance and repairs ahead of the autumn harvest.
But the processing rate in August slowed to just 5.097 million bushels a day, the slowest daily pace since July 2021, according to NOPA data.
Soyoil stocks among NOPA members as of Aug. 31 fell to a 10-month low of 1.138 billion pounds, down from the 1.499 billion pounds on hand at the end of July and below year-ago stocks of 1.250 billion pounds.
Analysts, on average, had expected stocks to dip to 1.356 billion pounds, according to estimates from seven analysts.
Soyoil stocks estimates ranged from 1.245 billion to 1.444 billion pounds, with a median of 1.350 billion pounds.
Reporting by Karl Plume
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