Market News & Headlines >> May Soybean Crush Below Expectations
A lower-than-expected U.S. soybean crush for May reported by USDA in its monthly Fats and Oils report on Wednesday afternoon suggests USDA may still be overestimating the 2016/17 annual crush.
USDA’s National Agricultural Statistics Service pegged the May soybean crush at 157.3 million bushels, below trade estimates that averaged 158.5 million bushels in a range from 157.5-160 million, according to a Reuters News Service survey. The May crush was up 5.0% from April’s 149.8 million bushels, but was down 2.2% from the May 2016 level of 160.9 million.
Total U.S. soybean crushings for 2016/17 through the end of May were roughly 1.443 billion bushels, up 0.3% from 1.439 billion a year earlier. USDA currently projects the annual soybean crush for 2016/17 will reach 1.910 billion bushels, an increase of 1.3% over a year earlier.