Soybean Oil Stocks Reach 5-Month Low One Month after Hitting Seven-Year High

The National Oilseed Processors Association (NOPA) reported the May US soybean crush declined 1.3 percent from April, while soybean oil stocks dropped nearly 11 percent from a seven-year high.  The May crush came in two percent below analyst expectations, marking the first time in six months that the crush fell below market forecast.  

NOPA members crushed 169.584 million bushels of soybeans in May, down from 171.754 million in April but 11 percent over the 154.796 crushed during May of 2019.  May Soybean meal exports fell 12.8 percent to 776,677 tons, but were 26 percent over May of 2019.

Soybean oil stocks declined sharply in May retreating from a seven-year high reached in April. May stocks fell 231 million pounds from April and were 188 million pounds below the average estimate.  Analysts had expected a two percent build in…