The National Oilseed Processors Association (NOPA) reported that U.S. soybean crushing in June totaled 4.78 million tons, falling short of the 5 million tons recorded in the previous month. Market expectations were for a total of 4.84 million tons.
Despite this shortfall, the June volume set a record for the month, representing a 6.24% increase compared to the same period in 2023.
The association also reported U.S. soybean oil stocks last month at 1.622 billion pounds, below market expectations of 1.669 billion pounds. On an annual comparison, this volume is 4% lower.
Key Points:
U.S. soybean crushing in June 2024 totaled 4.78 million tons.
Market expectations were 4.84 million tons.
Despite falling short of expectations, June's volume set a record for the month.
June crushing represented a 6.24% increase from June 2023.
U.S. soybean oil stocks in June were 1.622 billion pounds, below the expected 1.669 billion pounds.
Soybean oil stocks were 4% lower than the same period last year.
Additional Information:
The record volume for June reflects the strong processing demand in the U.S. despite market fluctuations.
The discrepancy between expected and actual figures highlights the volatility and unpredictability in the agricultural commodities market.
Lower soybean oil stocks could potentially influence future market prices and availability.
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