U.S. soy crushers processed more soybeans in March than any previous month on record, although the daily crush pace slowed slightly from a record high in February, according to National Oilseed Processors Association (NOPA) data released on Monday.
NOPA members, which account for around 95% of soybeans crushed in the United States, processed 196.406 million bushels of soybeans last month, up 5.5% from 186.194 million bushels in February and up 5.7% from 185.810 million bushels in March 2023.
The historically large crush eclipsed the previous monthly record of 195.328 million bushels set in December 2023. The average daily crush rate, however, dipped to 6.336 million bushels, down from the record 6.420 million bushels a day in February, NOPA data showed.
U.S. soy processors have expanded crushing capacity and opened new plants to capitalize on rising demand for vegetable oils from renewable fuels producers, pushing crush rates in recent months to new highs.
NOPA’s March crush data included new member White River Soy Processing and two plants it recently bought from Benson Hill, which is no longer a member, NOPA said. NOPA’s March crush was below the average trade estimate of 197.787 million bushels in a Reuters survey of eight analysts. Estimates ranged from 196.000 million to 202.500 million bushels, with a median of 197.248 million bushels.
Soyoil stocks among NOPA members as of March 31 rose to 1.851 billion lbs, up 9.5% from the 1.690 billion lbs on hand at the end of February and the largest end-of-month supply since May. Analysts, on average, had expected stocks to rise to 1.792 billion lbs, according to estimates from six analysts. Soyoil stocks estimates ranged from 1.725 billion to 1.927 billion lbs, with a median of 1.780 billion lbs.