US soy crush seen at 173.071mn bushels

CHICAGO: US soybean crushings likely edged up slightly in May despite narrowing processor margins as export demand for soymeal remained strong, according to analysts polled ahead of a monthly National Oilseed Processors Association (NOPA) report due on Monday.

The monthly crush is expected to reach the highest ever level for May and the fifth highest for any month on record.

NOPA members, which collectively handle about 95% of all soybeans crushed in the United States, likely processed 173.071 million bushels of soybeans in May, according to the average of estimates from 11 analysts.

If realized, it would be a 0.8% increase from April's 171.754-million-bushel crush and up 11.8% from May 2019, when NOPA members processed 154.796 million bushels. It would also top the previous May crush record of 163.572 million bushels set in 2018.

Crush estimates ranged from 164.1 million to 177.5 million bushels, with a median estimate of 175.0 million bushels.

The monthly NOPA report will be released at 11 a.m. CDT (1600 GMT) on Monday. The organization releases crush data on the 15th of each month or the next business day.

Soyoil supplies among NOPA members at the end of May were seen slipping to 2.068 billion pounds, down from a nearly seven-year high of 2.111 billion at the end of April and 1.581 billion at the end of May 2019, based on the average of estimates from eight analysts.

Estimates for soyoil stocks ranged from 1.942 billion to 2.200 billion pounds, with a median estimate of 2.056 billion.