U.S. soybean oil production increased month over month but fell short of expectations, according to data from the United States Department of Agriculture (USDA). In December, processors crushed 204 million bushels of soybeans, an increase compared to the 200 million in the previous month, as announced by the agency last night.
The number represents an increase compared to December 2022, but is below the 206 million predicted in a Reuters survey. In December 2022, 187 million bushels were processed.
Crude oil production reached 2.38 billion pounds, increasing 2% from November and 8% from 2022, according to the USDA. Iowa stood out as the largest soybean processor, reaching approximately 49.3 million bushels, followed by Illinois, with 25.4 million bushels.
These states contributed 37% of US processed soybeans in December. Additionally, the northern and eastern regions, encompassing Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia, crushed approximately 51.4 million bushels.
In the north-central region of the US, including states such as Michigan, Minnesota, North Dakota and South Dakota, processed 37 million bushels of soybeans, according to government data. This robust performance highlighted the significant contribution of these states to total production. It is worth mentioning that they processed the rest of the production in other states, highlighting the geographic diversity of soybean crushing activity in the USA.
Source: Leonardo Gottems | agrolink
