Soybean Oil Inventories Reach Four-Month High

The National Oilseed Processors Association (NOPA) reported the US November soybean crush was the largest November crush on record and the third largest monthly crush total of all-time. The crush consumed 181.02 million bushels of soybeans, outpacing the previous November record of 166.374 bushels.  The monthly crush was 2.3 percent below the all-time high reached in October but fractionally over analyst expectations of 180.02 million bushels.  Soybean oil stocks grew five percent from October and were 0.6 percent over analyst estimates.  

The crush has been operating above expectations for five of the past six months, generating plenty of meal and oil. Soybean meal exports of 1.081 million tons were the most for a single month since January 2013.  Soybean meal exports were 14.4 percent above October and an impressive 24.5 percent over November of 2019.