US soybean crush reached a new record high of 196.406 million bushels in March, the National Oilseed Processors Association (NOPA) showed on Monday April 15. This was up more than 10 million bu, or 5.48% on the month, 5.7% on the year and beat the previous record of 195.328 bu set in December 2023. The March crush came in below the average market expectation of 197.787 million bu.
NOPA members process about 95% of the country’s soybeans. In the last year, crushers have ramped up processing capacity to meet rising demand for soybean oil as a feedstock for the biofuels sector.
For the fifth straight month, domestic soybean oil stockpiles among NOPA members rose in March. Inventories increased to a 10-month high of 1.851 billion lbs. This was up 9.5% from 1.69 billion lbs in February, but down less than 1% from the same month in 2023. March stocks came in above the median analyst estimate of 1.792 billion lbs.
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