NOPA members reported crushing 185.2 million bushels of soybeans in October, up 15 percent from September, up 6 percent year over year, and beating the previous record volume by almost 4.0 million bushels. Crush topped expectations, which averaged around 176 million bushels and maxed out at 183 million. This fall’s strong crush margins are offsetting rising soybean costs, and processors are making hay (well, meal and oil) while the sun shines.
October’s crush provided 4.3 million tons of soybean meal and 2.2 billion pounds of soybean oil. Yield for meal, at 46.95 pounds per bushel, was a little bit higher than in September but lower than the average for 2019/20. Soybean oil yield was 11.67 pounds per bushel, the highest since September 2018.
Crude soybean oil stocks increased 4 percent month over month and 5 percent year over year, but the increase did not track the larger rise in supply—an indication utilization remained robust in October. Soybean oil exports were not remarkable; in fact, they were the lowest monthly volume since September 2019. It seems edible utilization and use for biodiesel both saw continued growth, both from September and YOY.