CHICAGO: US soybean crushings fell below expectations during March as plants in Iowa sharply cut back their processing pace from a year ago, the National Oilseed Processors Association said on Monday.
NOPA said that its members crushed 153.060 million bushels during March, up from 142.792 million bushels in February. A year ago, the March crush totaled 156.690 million bushels.
In Iowa, one of the largest soybean producing states, monthly crushings fell to 31.419 million bushels from 35.552 million bushels in March 2016.
Analysts had been expecting a March crush of 156.728 million bushels, based on an average of analysts' estimates in a Reuters survey. Crush forecasts ranged from 151.831 million to 159.900 million bushels, with a median of 158.250 million bushels.
NOPA said soymeal exports during the month jumped to 1.057 million tons, up from 738,825 tons during February. In March 2016, soymeal exports totaled 779,100 tons. The monthly export total was the biggest since January 2013.
Soyoil stocks as of March 31 rose to 1.815 billion lbs from 1.770 billion lbs at the end of February. NOPA reported soyoil stocks of 1.859 billion lbs at the end of March 2016.
Analysts had forecast soyoil stocks of 1.809 billion lbs.
NOPA is the largest US trade group for oilseed processors. It releases crush data on the 15th of each month or the next business day.
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