USDA July soybean crush seen at 180.5 million bushels
By Karl Plume
CHICAGO, Aug 30 (Reuters) - The U.S. soybean crush likely rose to 5.416 million short tons in July, or 180.5 million bushels, according to the average forecast of eight analysts surveyed by Reuters ahead of a monthly U.S. Department of Agriculture (USDA) report.
The July crush would be up from a nine-month low of 174.1 million bushels processed in June and well above the 166.3 million bushels crushed in July 2021. It would also be the second-largest July crush on record, behind only July 2020 when crushers processed 184.5 million bushels of soybeans.
Crush estimates ranged from 179.0 million bushels to 181.7 million bushels, with a median of 180.5 million bushels.
The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CDT (1900 GMT) on Thursday.
U.S. soyoil stocks as of July 31 were estimated to have dropped to 2.221 billion lbs, a 10-month low, based on the average of estimates from six analysts. The stocks would be down from 2.316 billion lbs at the end of June but up from supplies totaling 2.070 billion lbs at the end of July last year.
Estimates for soyoil stocks ranged from 2.190 billion to 2.278 billion lbs, with a median of 2.217 billion lbs.
National Oilseed Processors Association (NOPA) members, which account for about 95% of soybeans processed in the United States, crushed 170.220 million bushels of soybeans last month, up 3.4% from June and up 9.7% from July 2021. Soyoil supplies held by NOPA members as of July 31 fell to 1.684 billion lbs, the smallest end-of-month stocks since August. (Reporting by Karl Plume; editing by Jonathan Oatis)
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