NOPA members crushed almost 160.0 million bushels of soybeans last month, down about 1 percent from April 2018. Some in the industry expected crush to surpass 161.6 million bushels and break last year’s record for the month, and while that didn’t happen, this season’s strong crush pace continues to keep processors very busy.

USDA is projecting 8.35 billion pounds of soybean oil will be used for biodiesel production in 2018/19 and anticipates utilization will rise 4 percent in 2019/20. USDA’s 2019/20 supply forecast does not indicate a corresponding increase in soybean oil production, contributing to ending stocks declining to 1.45 billion pounds in that scenario—down 22 percent from estimated 2018/19 ending stocks.

Soybean oil season ending stocks & stocks-to-use ratio

Source: USDA
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