New Delhi — The US soybean crush set an all-time September high record on ample supplies due to a swift harvest, market sources said Oct. 15.
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The National Oilseed Processors Association, or NOPA, reported Oct. 15 a September crush that was seen at 161.491 million bu, while the analysts estimated 160.795 million bu.
Compared with August, September crush volume was 2.4% higher, while it was 6% higher year on year, the report said.
Typically, September crush volumes are low as the soybean harvesting begins slowly. But, this year has been different.
US soybean crop for 2020-21 marketing year (September-August) matured rapidly on extremely dry heat of August and so the swift harvest pace has enabled ample supplies of raw beans for domestic crushers, analysts said.
US soybean harvest has been progressing swiftly at 61%, 38 percentage points ahead of last year and 19 points ahead of the five-year average, the US Department of Agriculture report said Oct. 13.
US soybean farmers are rapidly selling their stocks to local crushers amid accelerating oilseed prices, an agricultural trader said.
With November soybean futures contract hovering around $10.50/bu, a multiyear high and expected to rise further on higher demand from China in coming months, soybean farmers expect soaring prices and higher sales in the coming weeks, an agricultural analyst said.
The USDA expects China to purchase huge volumes of US soybeans until January under the Phase 1 trade deal, as the Brazilian supplies run dry, compounded with planting delay of the new crop there.
The monthly NOPA crush report reflects the monthly activity for 13 of the largest soybean processors in the US, accounting for 95% of the country's soybean crush.