Band Karl Plume
CHICAGO, April 13 (Reuters) – U.S. soybean processors likely recorded their biggest crush in March amid good margins and strong demand for soybean meal, according to analysts surveyed ahead of an upcoming National Oilseed Processors Association (NOPA) monthly report. friday.
With plenty of crushing supplies on hand, many processors have been operating plants aggressively ahead of scheduled routine spring maintenance shutdowns in the coming weeks and months, they said.
NOPA members, which process about 95% of all soybeans processed in the United States, are estimated to have ground 181.991 million bushels of soybeans last month, according to the average of estimates from nine analysts.
If realized, the crush would be up from the 165.057 million bushels of soybeans processed by NOPA members in February and 2.3% above the March 2021 crush of 177.984 million bushels. It would also be the largest March crush on record, topping 181.374 million bushels processed in the third month of 2020.
Estimates for the March 2022 crash ranged from 179.200 million to 186.000 million bushels, with a median of 181.558 million bushels.
NOPA’s monthly report is scheduled for release at 11:00 a.m. CDT (4:00 p.m. GMT) on Friday, despite a holiday on Good Friday. NOPA releases overwritten data on the 15th of each month or the next business day.
Soybean oil supplies at the end of March would have swelled to 2.135 billion pounds, according to the average of estimates collected from eight analysts.
If realized, oil inventories would rise 3.7% from the 2.059 billion pounds at the end of February and 20.5% from the end of March last year, when oil inventories rose at 1.771 billion pounds. It would also be the highest month-end oil inventories in 23 months.
Estimates of soybean oil stocks ranged from 1.960 billion to 2.600 billion pounds, with a median of 2.077 billion.
(Reporting by Karl Plume; Editing by Will Dunham)
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