NOPA members reported crushing over 171.7 million bushels of soybeans last month, up 3 percent from November and from December 2017. Crush was a bit higher than the industry anticipated, which was around 170 million bushels, and confirms robust domestic demand continues for soybean meal and oil, as does global demand for soybean meal.
Processors produced 4.0 million tons of soybean meal in December, up 2 percent year over year, and exported over 825,000 tons. NOPA members’ Q4 2018 soybean meal exports totaled 2.7 million tons, up 10 percent from Q4 2017. Soybean oil production was just over 2.0 billion pounds, up 4 percent from December 2017, thanks to better YOY yield. Soybean oil ending stocks were just under 1.5 billion pounds, however, down 1 percent from a year ago. Helping draw down stocks: This season’s soybean oil exports through Dec. 21 were up 9 percent from last season, and demand from the biodiesel industry has been notably higher than last year.