U.S. soybean processing volumes in February were the highest on record
Last month, soybean processing at U.S. oil extraction plants totaled 186.2 million bushels compared to 185.8 million bushels in January. Such data was released by analysts of the National Oilseed Processors Association (NOPA).
According to their estimates, the current result was a record for February.
As analyst Terry Reilly notes, the growth in processing volumes is due to the commissioning of new oil refineries in the United States.
In addition, according to NOPA, soybean oil stocks in the country by the end of last month reached 1.69 million tons of pounds, which is higher than January’s 1.507 million pounds.
According to AgriCensus market interlocutors, the latest NOPA report “was seen as mostly neutral for soybean oil and meal prices and favorable for soybean prices.”
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