The U.S. soybean crush rebounded in February from the prior month’s weather-slowed pace and reached the highest-ever level for the second month of the year, topping all trade estimates, according to National Oilseed Processors Association (NOPA) data released on Friday.
NOPA members, which account for around 95% of soybeans crushed in the United States, processed 186.194 million bushels of soybeans last month, up 0.2% from the January crush of 185.780 million bushels and up 12.6% from the February 2023 crush of 165.414 million bushels. It was the largest-ever February crush by far, topping the previous record of 166.288 million bushels set in 2020, which was also a leap year.
The average daily crush rate also jumped to a new record 6.420 million bushels last month, eclipsing the prior high mark of 6.301 million bushels a day in November and December, NOPA data showed.
U.S. soybean processors have expanded crushing capacity and opened new plants to capitalize on rising demand for vegetable oils from renewable fuels producers. A severe cold snap that slowed processing and transportation around the Midwest in January had disrupted several months of historically large crush rates before the February rebound.
NOPA’s February crush exceeded all trade estimates in a Reuters survey of 10 analysts. Estimates averaged 178.058 million bushels, with a range from 170.150 million to 185.480 million bushels and a median of 177.850 million.
Soyoil stocks among NOPA members as of Feb. 29 rose to 1.690 billion lbs, up 12.2% from the 1.507 billion lbs on hand at the end of January and the largest end-of-month supply since June. Analysts, on average, had expected stocks to rise to 1.591 billion lbs, according to estimates from seven analysts. Soyoil stocks estimates ranged from 1.467 billion to 1.725 billion lbs, with a median of 1.590 billion lbs.