CHICAGO: US soy processors likely crushed 5.265 million short tons of soybeans, or 175.5 million bushels, in June, according to the average forecast of eight analysts surveyed by Reuters ahead of a monthly US Department of Agriculture (USDA) report.
If the estimate is realized, it would be down from the 189.3 million bushels crushed in May but up from the 174.1 million bushels processed in June 2022. It would also be the smallest monthly crush since September, USDA data showed. Crush estimates ranged from 173.5 million bushels to 177.0 million bushels, with a median of 175.6 million bushels.
The USDA is due to release its monthly fats and oils report at 2 p.m. CDT (1900 GMT) on Tuesday, August 1. US soyoil stocks as of June 30 were estimated to have thinned to 2.207 billion pounds, based on the average of estimates from five analysts. If realized, the oil stocks would be down from the 2.386 billion pounds at the end of May and below stocks totalling 2.316 billion pounds at the end of June 2022.
Estimates ranged from 2.175 billion to 2.245 billion pounds, with a median of 2.200 billion pounds. Members of the National Oilseed Processors Association (NOPA), accounting for about 95% of US soybean crushings, processed 165.023 million bushels of soybeans last month, a nine-month low. The total was down from the 177.915 million bushels processed by NOPA members in May but up slightly from the 164.677 million bushels crushed by NOPA members in June 2022.
Soyoil supplies held by NOPA members as of June dipped to a seven-month low of 1.690 billion pounds, a nearly 10% drop from the prior month.
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