NOPA members reported crushing over 161 million bushels of soybeans last month—a record for the month and up 16 percent from April 2017—to keep up with demand for soybean meal; meal production was up 17 percent from a year ago. Soybean oil stocks continued to increase and at 2.1 billion pounds were near a five-year high.
Global demand for U.S. soybean meal remains strong, with cumulative exports up 8 percent year over year. Last week USDA increased projected 2017/18 meal exports to 12.7 million tons, up from April’s forecast of 12.5 million.
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