Soy crush expected to hit record level
Soybean-crush rates for November are expected to climb to 157.4 million bushels, as domestic processing surged amid robust demand for soy products, according to a survey of industry analysts.
The National Oilseed Processors Association, in its monthly soybean-crush report, is projected to say the crush jumped from a strong October crush pace of 153.5 million bushels.
The association's report--which includes only data from members--is scheduled to be released Friday at 8:30 a.m. EST (1330 GMT).
The increase in the pace of crushing will push processing just shy of the record crush for November at 160.3 million bushels set in 2009, analysts said.
Stellar domestic and export demand for soymeal and soyoil coupled with the best processing margins in two-years kept crushers running "full bore" near 100% of capacity, said Dan Basse, president of advisory and research firm AgResource Company in Chicago.
Analysts' opinions on the November crush ranged from 147.5 million bushels to 164.0 million bushels.
The U.S. Department of Agriculture acknowledged the swift crushing pace in a closely watched supply and demand report Tuesday. USDA raised its estimates for annual crush rates by 10 million bushels to 1.570 billion bushels, citing strong foreign demand for soybean products.
"Soyoil export sales were exceptionally strong in November at just over 700 million pounds to several markets including China, Mexico, and undeclared destinations," USDA said in the report.
Meanwhile, analysts expect an increase in soyoil stocks in November to 2.244 billion pounds, from 2.188 billion pounds in October. Estimates ranged from as low as 2.175 billion pounds to as high as 2.300 billion pounds.
Soyoil stocks are seen rising, reflective of a faster crush pace in November.
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December 13, 2012 13:19 ET (18:19 GMT)