November 27, 2022
US domestic demand for soybeans continues to expand

US domestic demand for soybeans continues to expand

According to data published by AgResource Brazil, domestic demand for soybeans in the United States will continue to expand during this period. “U.S. soybean crushing reached 4.3 million tons in September, according to National Oilseeds Processing Agency (NOPA) sample data,” the advisory said.

“Despite a decrease of 0.21 million tons compared to August, the data showed gains of 0.12 million compared to September last year, the third-highest pace for a September in history, the first month of the North American commercial year,” Info.

In this context, North American processing pace continues to heat up after reaching a record for soybean crushing in the 21/22 crop, at 59.98 million tons in practice, as more oil is needed for renewable diesel production, which is a good guarantee. domestic crushing margins. “NOPA data shows that soybean oil stocks are around 0.86 million tonnes, down 10% from the previous month, while production is down just 4%,” he says.

“The USDA report indicates the lowest oil reserves since 1974, characterized by the expansion of renewable diesel production capacity, which has already reached the same capacity as biodiesel, both with a capacity of 15.81 million liters per year. According to data. Energy Information Administration (EIA).

US in 22/23 cycle AgResource estimates that soybean crushing will continue to grow and reach a new record, due to increased demand following new renewable diesel plants already under construction/announced to be ready in the next 2 years”, he concludes.