The National Oilseed Processors Association (NOPA) reported on Monday July 15 a record-high June soybean crush in the US at 175.599 million bushels, with soybean oil stocks in the country falling to a six-month low.
The crush was 4.4% below the May crush of 183.625 million bu but 6.4% more than the 165.023 million bu crushed during June 2023. An increasing appetite for soybean oil from the renewable diesel (RD) industry is weighing on stock levels.
The June crush, despite being a record high for the month, was 1.3% below trade expectations of 177.94 million bu and near the bottom end of analysts’ range of projections. Traders estimated a wide crush range of 173.2 million-189.134 million bu.
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