Soybean Oil Stocks Climb as Crush Sets New Monthly Record

The National Oilseed Processors Association (NOPA) reported the US soybean crush reached an all-time high during October. The October crush reached 185.245 million bushels, outpacing the previous record of 181.374 bushels crushed during March of 2020.  The October crush was 15 percent over the September crush and five percent above analyst expectations of 177.123 million bushels.  Soybean oil stocks grew four percent from September and were 2.7 percent over analyst estimates.  

The new crush record is 3.87 million bushels over the previous and 23.75 million bushels more than were crushed in September. Increased soybean meal production did not translate into more exports in October.  Soybean meal exports narrowed five percent to 945,835 short tons in October and, despite the decline, meal exports were six percent above the same period last year.

S…