Soy crush seen rising, analysts say
Soybean crush rates for January are expected to climb to 160.6 million bushels, as domestic processors crushed soybeans at a near record pace amid stout demand for soy products, according to a survey of industry analysts.
The National Oilseed Processors Association, in its monthly soybean crush report, is expected to say the crush rose above a strong December pace of 159.9 million bushels.
The association's report--which includes only data from members--is scheduled to be released Friday at noon EST (1700 GMT).
The pace of crushing will push processing just shy of the record crush for January at 162.2 million bushels set in 2009.
Strong domestic and export demand for soymeal and soyoil coupled with profitable processing margins gave crushers the incentive to keep processing at a robust pace, analysts said.
Analysts' estimates on the January crush ranged from 157 million bushels to 163.5 million bushels.
The U.S. Department of Agriculture acknowledged the strong crushing pace in a closely watched supply and demand report released Friday. The USDA raised its estimates for annual crush rates by 10 million bushels to 1.615 billion bushels. The increase was the fifth consecutive month that the USDA has raised its crush forecast.
The USDA cited both larger soybean meal exports and domestic use for the crush increase. The boost in domestic soybean meal consumption was in line with projected gains in meat production, the USDA said in the report.
Meanwhile, analysts expect an increase in soyoil stocks in January to 2.713 billion pounds, from 2.600 billion pounds in December. Estimates ranged from as low as 2.57 billion pounds to as high as 2.82 billion pounds.
Soyoil stocks are seen rising, reflective of a faster crush pace in January.
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(END) Dow Jones Newswires
February 14, 2013 12:29 ET (17:29 GMT)