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NOPA members processed 182.216 million bushels of soybeans last month, down 2.3% from the monthly record of 186.438 million bushels in December and 1.3% below the January record of 184.654 million bushels set last year .
Processing was below expectations despite the inclusion of monthly grinding data from a new NOPA member.
Processors were expected to process 186.677 million bushels in January, according to the average estimate of nine analysts. Estimates ranged from 183.675 million to 188.500 million bushels, with a median of 187 million bushels.
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NOPA said soybean oil supplies among its members as of Jan. 31 totaled 2.026 billion pounds, the second-highest month-end stocks since April 2020. Stocks fell 0.3% from 2.031 billion pounds in end of December, but increased by 12.6% from £1.799 billion held by NOPA members at the end of January 2021.
Oil inventories were expected to rise to 2.062 billion pounds, based on estimates collected from seven analysts. Estimates ranged from 2 billion to 2.150 billion, with a median of 2.058 billion.
By: Karl Plume
Clipping: Notícias Agrícolas | Source: Reuters
