US soybean crush climbed to a record high for the month of May, according to the latest data released by the National Oilseed Processors Association (NOPA) on Monday June 17.

The May soybean crush figure was 183.63 million bu, up by 8.38% from April’s seven-month low of 169.44 million bu. The May crush figure was more than 5 million bu above the average market expectation for the month of 178 million bu.

Market sources had anticipated an increase in crush in May following an improvement in margins and the completion of maintenance and repair downtime at processing plants in April.
  
NOPA’s estimate of soybean oil stockpiles among members in May was down by almost 6% month on month to 1.72 billion lbs, from 1.83 billion lbs in April and well below average market forecasts. Domestic soybean stocks in May were down by close to 8% year on year from a total of 1.87 billion lb in May 2023.

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