US monthly soybean crush hit new record in October: NOPA
The US monthly soybean crush volume reached an all-time high in October at more than 185 million bu (5 million mt)...
The US monthly soybean crush volume reached an all-time high in October at more than 185 million bu (5 million mt), smashing market expectations of 177 million bu (4.8 million mt), according to data from the National Oilseed Processors Association (NOPA) on Monday.
The volume in October jumped nearly 15% from the previous month and was up more than 5% year-on-year.
The higher crush boosted soyoil stocks to 1.49 billion lbs (675,853 mt), which was up nearly 4% month-on-month and was 4.5% higher from the same month last year.
Soybean crush volumes typically rise in October each year after a new soybean crop harvest starts in September.
Meanwhile, soymeal exports during the month hit 946,000 mt, down from 991,000 mt in September but higher than 895,000 in October 2019.