ao link

News

Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

US soybean crush levels slip to lowest in almost two years

TwitterLinkedineCard

US soybean crush volumes dropped more than expected in the month of June to the lowest level since September 2017, according to the National Oilseed Processors Association (NOPA)’s latest report.

 

Analysts say the third consecutive monthly decline followed downtime at oilseed crushers affected by wet spring conditions across central US.

 

NOPA, which represents producers crushing 95% of US-grown output of soybeans, said 149m bushels were processed in June - down 4% from the May figure of 155m bushels.

 

On a daily adjusted basis, the output was 4.96m bushels per day, off from 4.99m bushels a day in May.

 

’Disappointing’

 

Analysts at Benson Quinn Commodities described the estimate as "disappointing", noting "the trade, albeit using a wide range of guesses, was looking for roughly 154m bushels."

 

The US level of soybean stocks was 1.535bn bushels, at the lowest level since the end of December 2018, although broadly near market expectations.

 

The unexpected drop in crushing was attributed to downtime caused by flooding at several processors during what has been an exceptionally wet spring in the US.

 

In June 2018, NOPA reported there had been a crush of 159m bushels, an all-time high for that month of the year.

TwitterLinkedineCard
Related Stories

ANALYSIS: Are China's wheat imports about to get the corn treatment?

Competitive pricing is driving Chinese livestock feeders to use more grain in their rations. That could see wheat imports far exceed current forecasts

Cotton, wheat futures gain as USDA stocks downgrades top forecasts

A cut in the Wasde to the forecast for world wheat stocks proves a particular "surprise". But exuberance is capped by downbeat soybean data revisions

Key data in April 9 Wasde, and how they compared with market forecasts

Details of key statistics in the USDA’s Wasde report, which sent corn, cotton and wheat prices higher, but undermined soybean futures

FOCUS-Bayer, Corteva in 'two-dog battle' over US soy market

Bayer’s new XtendFlex soybeans and Corteva’s Enlist E3 soy are shaping up to be the most popular with farmers in the coming years
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2021

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069