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USDA September soybean crush seen at 167.6 million bushels

By Karl Plume

CHICAGO, Oct 31 (Reuters) - The U.S. soybean crush likely slowed for a second straight month to 5.029 million short tons in September, or 167.6 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 September crush would be down from 175.0 million bushels processed in August but up from the 164.1 million bushels crushed in September 2021. It would also be the lowest monthly crush in 12 months.

Crush estimates ranged from 165.0 million bushels to 170.5 million bushels, with a median of 167.9 million bushels.

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

U.S. soyoil stocks as of Sept. 30 were estimated to have dropped to a 23-month low of 2.000 billion lbs, based on the average of estimates from five analysts. The supply would be down from 2.103 billion lbs at the end of August and 2.131 billion lbs at the end of September last year.

Estimates for soyoil stocks ranged from 1.900 billion to 2.100 billion lbs, with a median of 2.000 billion lbs.

National Oilseed Processors Association (NOPA) members, which account for about 95% of soybeans processed in the United States, crushed 158.109 million bushels of soybeans last month, down 4.5% from August but up 2.8% from September 2021. Soyoil supplies held by NOPA members as of Sept. 30 fell to 1.459 billion lbs, a two-year low. (Reporting by Karl Plume; Editing by Alison Williams)

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