NOPA: US Soybean Oil Stocks Fell For 7 Consecutive Months At The End Of November
According to the monthly crush report released by the National Oilseed Processors Association (NOPA), NOPA's member companies processed 166,959 million bushels of soybeans in November 2018, lower than the record level in October. Soybean oil stocks fell for the seventh consecutive month.
Soybean crush in November was lower than the 172.346 million bushels in October, but higher than the 163,546 million bushels in November 2017. This is also the highest crush record in history in November.
Soybean production harvested by US farmers this fall reached a record 4.6 billion bushels, which provides a sufficient source of raw materials for soybean processing plants. However, soybean crush profits began to decline after a record high for several consecutive months.
US soybean oil stocks on November 30 were 1.484 billion pounds, down from 1.503 billion pounds at the end of October, but higher than the 1.326 billion pounds in the same period last year. This is also the seventh consecutive month of decline, setting the lowest end of the year inventory. The soybean oil stocks expected by analysts before the report were 1.504 billion pounds.
US soybean meal exports in November were 901,449 tons, down from 967,174 tons in October, but higher than the 896,145 tons in November 2017.
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