The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set in March. The October crush was 12.8% above the September crush of 177.32 million bushels and 5.4% above the October 2023 crush of 189.774 million bushels.
The crush was 1.6% above the average analyst estimate of 196.843 million bushels, based on a Reuters survey of analysts. Estimates ranged from 189.5 million bushels to 205.183 million bushels.
The rise in soybean processing reflects the growing demand for vegetable oil, especially within the biofuel sector. Biofuel demand for soybean oil represents 48% of domestic soybean oil supply in 2024 and is expected to grow to 50% in 2025.
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