NOPA members crushed 161.5 million bushels of soybeans in September, down 2 percent from August but up 6 percent from September 2019 and breaking the previous record for the month’s crush set in 2018 at 160.8 million bushels.
The slight slowdown in crush from August’s pace was expected as plants typically perform scheduled maintenance ahead of the incoming new-crop supply.
NOPA members exported over 991,100 tons of soybean meal, the highest monthly volume since March 2017. Export pricing for soybean meal is very attractive, having risen from around $340 per ton in July to current values around $425. Argentina’s crushers are having difficulty securing sufficient soybean volumes, which has spurred more global demand for U.S. soybean meal.