NOPA members reported crushing 165.1 million bushels of soybeans last month, down from 172.8 million in July and 168.1 million in August 2019. Despite the drop YOY, August’s crush was still the second largest on record for the month. The industry had expected crush to be larger, however, with the average of expectations around 169.5 million bushels.
Soybean meal production totaled 3.9 million tons, down 1 percent YOY, and soybean oil production was 1.9 billion pounds, down 3 percent from a year ago.
Soybean oil stocks fell 6 percent from July to 1.5 billion pounds, the lowest monthly level for NOPA members since last November; however, stocks were still about 8 percent higher than their year-ago volume. Apparent disappearance was around 100 million pounds vs. 66 million in August 2019.
Monthly soybean oil production by season
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