By Karl Plume
CHICAGO, Aug 16 (Reuters) – The U.S. soybean processing tempo was beneath all commerce estimates for a second straight month in July, though the crush did rise modestly from a two-year low the prior month, in keeping with Nationwide Oilseed Processors Affiliation (NOPA) knowledge launched on Monday.
NOPA members, which deal with about 95% of all soybeans crushed in the US, processed simply 155.105 million bushels of soybeans final month, up 1.8% from the 152.410 million bushels crushed in June and down 10.2% from 172.794 million bushels in July 2020.
It was the second smallest month-to-month tally for any month since September 2019 and the smallest July crush since 2017 as processors face tightening provides and rising costs for soybeans.
The July crush had been anticipated at 159.062 million bushels, in keeping with the common of estimates from 10 analysts. Estimates ranged from 156.200 million to 164.000 million bushels, with a median of 158.900 million bushels.
The crush has fallen in need of the consensus market estimate for the six straight months as extra processors than regular idled crops seasonally for wanted upkeep.
In a month-to-month report final week, the U.S. Division of Agriculture trimmed its 2020/21 advertising 12 months U.S. crush forecast by 15 million bushels to replicate the current slowdown in crushing. WASDE09
NOPA mentioned soyoil provides amongst its members as of July 31 rose to 1.617 billion lbs after three months of declines, up from 1.537 billion lbs on the finish of June.
Oil shares had been anticipated to drop to 1.505 billion lbs, based mostly on estimates gathered from seven analysts. Estimates ranged from 1.435 billion to 1.606 billion lbs, with a median of 1.500 billion.
Soymeal exports final month totaled 719,508 tons, versus 714,729 tons in June and 876,159 tons in July 2020, in keeping with NOPA.
(Reporting by Karl Plume)
(([email protected]; +1 313 484 5285; Reuters Messaging: [email protected]))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.