Reuters anticipate that the U.S. soybean crush is poised to reach an unprecedented 6.185 million short tons in December, equivalent to 206.1 million bushels, according to data preceding a monthly report from the U.S. Department of Agriculture (USDA).
This surge marks the third consecutive month where the national crush surpassed 200 million bushels, indicating the expanding U.S. soy processing industry’s response to surging vegetable oil demand from biofuel manufacturers.
The projected December crush, compiled from insights provided by nine analysts, demonstrates a notable uptick from November’s 200.1 million bushels and a significant 10% increase from December 2022’s crush of 187.4 million bushels.
Despite this record-breaking trend, last month’s estimated average daily crush rate of 6.649 million bushels dipped slightly from November’s record daily pace of 6.669 million bushels, attributed in part to November having one fewer day.
The estimate ranged from 203.8 million to 207.0 million bushels, with a median projection of 206.7 million bushels.
The USDA is set to unveil its monthly fats and oils report at 2 p.m. CST (2000 GMT) on Thursday, shedding light on critical industry metrics.
As of December 31, U.S. soyoil stocks are estimated at 1.764 billion pounds based on insights pooled from six analysts. If actualized, this figure would mark a 10.8% increase from November’s 1.592 billion pounds but a substantial 23.5% decrease from December 2022’s stocks totaling 2.306 billion pounds.
Estimates for soyoil stocks ranged from 1.728 billion to 1.875 billion pounds, with a median estimate of 1.746 billion pounds.
The National Oilseed Processors Association reported a record soybean processing figure of 195.328 million bushels in December, with end-of-month oil stocks rising to 1.360 billion pounds, indicating the industry’s dynamic response to evolving market demands.
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