The US National Oilseed Processors Association (NOPA) on Tuesday October 15 reported the September 2024 soybean crush at 177.32 million bushels and soybean oil stocks at 1.066 billion lb.
The monthly crush reached an all-time high for the month of September, while soybean oil stocks fell to a 118-month low.
The upturn in production was expected because processors brought idled plants back online. A larger-than-expected number of facilities were idled last month for seasonal maintenance and repairs ahead of the harvest, according to industry analysts.
The September crush was 12.2% over the August crush of 158.008 million bu and 7.2% above the 165.456 million bu crushed during September 2023.
A Reuters survey of 10 analysts expected the crush to fall within a range of 164-177 million bu. The September crush exceeded all trade estimates and was noticeably above the average trade estimate of 170.331 million bu.
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