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USDA May soybean crush seen at 181.9 million bushels

By Karl Plume

CHICAGO, June 29 (Reuters) - The U.S. soybean crush likely totaled 5.457 million short tons in May, or 181.9 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 estimate suggests an average daily crush rate of 5.867 million bushels, which, if realized, would be a fifth straight monthly decline and the slowest daily processing pace since September.

The May crush would be above the 180.9 million bushels processed in April and up from the 173.5 million bushels crushed in the same month last year. It would also represent the largest May crush on record, topping the previous mark set in 2020.

Crush estimates ranged from 180.0 million bushels to 184.0 million bushels, with a median of 181.9 million bushels.

The USDA is scheduled to release its monthly fats and oils report at 2 p.m. CDT (1900 GMT) on Friday.

U.S. soyoil stocks at the end of May were seen dropping to an eight-month low of 2.341 billion lbs, based on the average of estimates from five analysts, down from 2.424 billion lbs at the end of April but up from supplies totaling 2.147 billion lbs at the end of May 2021.

Soyoil stocks estimates ranged from 2.313 billion to 2.375 billion lbs, with a median of 2.338 billion lbs.

National Oilseed Processors Association (NOPA) members, which account for around 95% of soybeans processed in the United States, crushed 171.077 million bushels of soybeans in May, up 0.8% from the prior month and up 4.6% from May 2021. NOPA members' supplies of soyoil as of May 31 fell to 1.774 billion lbs, the smallest end-of-month stocks since September.

(Reporting by Karl Plume; Editing by Sandra Maler)

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