NOPA members reported crushing 160.8 million bushels last month. That volume continued 2017/18’s strong increase from 2016/17—up 18 percent year over year—and also posted a small but atypical increase over August crush. Historically, crush declines during the summer as soybean supply dwindles. This season, with good bean supply throughout the year and robust demand for soybean meal, crushers have maintained relatively steady monthly volumes.
NOPA soybean oil production totaled 1.85 billion pounds, up 1 percent from August and up 15 percent from a year ago. Soybean oil stocks, at 1.53 billion pounds, were down 6 percent from August and up 18 percent year over year. Even with more demand from the biodiesel industry, USDA is forecasting 2017/18 soybean oil ending stocks to be over 2.2 billion pounds, notably higher than the market has become accustomed to over the last five years.
Central Illinois soybean oil price by season
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