Soybean crush numbers seen going up
A monthly report due Friday from the National Oilseed Processors Association is expected to show that soybean crush rates in the U.S. gained for the first time in five months as processors had an easier time finding available soybeans.
According to a survey of analysts, the crush rate in October was 154.17 million bushels, up from 108.68 million in September.
Soybeans were easier to secure in October compared with prior months as the U.S. harvest progressed, said Roy Huckabay, an executive vice president at Linn Group, a Chicago-based brokerage. Recently harvested soybeans have high oil and protein content, which improves margins for oilseed processors, he said.
"We've had a lot of beans available so they should be" processing more, Mr. Huckabay said. "Bean quality is quite high this year, and profitability has been huge."
Analyst estimates ranged from 144 million bushels to 158.5 million bushels in a Dow Jones Newswires survey. NOPA's report, which includes only data from members of the trade group, is expected to be released Friday at noon EST.
October soybean oil stockpiles also are expected to have risen from the prior month, according to the average estimate from analysts surveyed. The average of analysts' estimates was 1.493 billion pounds, compared with September soyoil stocks of 1.372 billion. Estimates ranged from 1.35 billion pounds to 1.647 billion pounds.
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