NOPA members crushed 158.8 million bushels of soybeans last month, higher than estimates ahead of today’s report by about 4.5 million bushels. NOPA’s cumulative crush for the 2020/21 Sep-Aug soybean marketing year ended at 2.02 billion bushels, meaning total U.S. crush was likely around 2.14 billion bushels, as USDA forecast in the September WASDE.
Soybean meal and oil yields remained strong last month at 47.54 and 11.79 pounds per bushel, respectively. NOPA members exported 856,619 tons of soybean meal during August, a five-month high.
Soybean oil stocks saw another month of gains, with 51.0 million pounds added during August. Rising stocks during July and August is not the usual and hints at a decline in soybean oil use for biofuel.