Soybean Oil Demand Remains Strong as Stocks Reach 9-Month Low

The National Oilseed Processors Association (NOPA) reported the US soybean crush declined to a nine-month low in August, falling 4.5 percent while soybean oil stocks continued to decline, falling 6.2 percent.  The August crush was 2.6 below analyst expectations and soybean stocks were in line with forecast  

NOPA members crushed 165.055 million bushels of soybeans in August, down from 172.794 million in July and 1.8 percent below the 168.085 crushed during August of 2019.  Soybean meal exports fell 14 percent to 754,634 tons in August but were 7.9 over exports during August of 2019.

Soybean oil stocks were in line with expectations, falling 6.2 percent from July. August stocks ended at 1.519 billion pounds, down 100 million pounds from July but 8.4 percent above levels seen at this time last year.   

Cumulative bushels crushed by…