By Karl Plume
CHICAGO, July 15 (Reuters) – The U.S. soybean crush fell to a two-year low in June and missed all commerce estimates, whereas soybean oil shares thinned to the bottom in eight months, in accordance with Nationwide Oilseed Processors Affiliation (NOPA) information launched on Thursday.
NOPA members, which deal with about 95% of all soybeans processed in the USA, crushed a mere 152.410 million bushels of soybeans final month.
That was down 6.8% from the 163.521 million bushels crushed in Could and down 8.9% from 167.263 million bushels in June 2020. It was additionally the smallest month-to-month tally since June 2019, when processing crops crushed 148.843 million bushels.
The June crush had been anticipated to slide to 159.483 million bushels, in accordance with the typical of estimates from 12 analysts. Estimates ranged from 155.500 million to 163.000 million bushels, with a median of 159.200 million bushels.
Final month’s crush was the third largest June crush on report, behind each 2018 and 2020.
Tightening provides and rising costs for beans prompted processors to schedule wanted upkeep downtime, a few of it lengthier than regular after COVID-19 pandemic restrictions disrupted that work final summer season, analysts stated.
The U.S. Division of Agriculture trimmed its 2020/21 advertising and marketing yr U.S. crush forecast by 5 million bushels on Monday to replicate the latest slowdown in crushing. WASDE09
NOPA stated soyoil provides amongst its members as of June 30 fell to 1.537 billion lbs, the bottom end-of-month shares since October and down 8% from the top of Could, when shares stood at 1.671 billion lbs.
Oil shares had been anticipated to drop to 1.623 billion lbs, based mostly on estimates gathered from 9 analysts. Estimates ranged from 1.520 billion to 1.752 billion lbs, with a median of 1.608 billion.
Soymeal exports final month totaled 714,729 tons, versus 714,377 tons in Could and 835,403 tons in June 2020, in accordance with NOPA.
(Reporting by Karl Plume)
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