Market News & Headlines >> NOPA Soy Crush Down on Tight Supplies

Monday morning’s monthly soybean crush report from the National Oilseed Processors Association (NOPA) indicated member processors cut back operations a bit more than expected during August amid tight U.S. soybean supplies and a drop off in U.S. soymeal exports.

NOPA pegged its members’ August crush at 110.633 million bushels, about 1 million below the average of trade expectations and 7.5% below the July crush of 119.620 million bushels. Trade estimates of the August crush ranged from 108.000-117.000 million bushels. The crush was still slightly above the August 2013 level of 110.502 million bushels.

The drop in the crush coincided with a sharp drop-off in U.S. soymeal exports. NOPA member August soymeal exports hit a five-year low of 263,440 short tons, falling 32.8% from 391,781 a month earlier and 14.1% from August 2013.

NOPA member soyoil stocks at the end of August were down a sharp 23.6% from a month earlier to a nearly-10-year low of 1.214 billion pounds. The soyoil stocks were down 27.3% from a year earlier and were below trade expectations, which averaged 1.352 billion pounds in a range from 1.225-1.555 billion pounds.