U.S. oilseed processors crushed 189.81 million bushels of soybeans in August, according to the National Oilseed Processors Association (NOPA) on Monday. Volumes were 20 percent higher than the same month last year and were a record for August. 

A Bloomberg survey of analyst estimates ahead of the report had volumes pinned at around 180 million bushels. 

NOPA added Norfolk Crush in Nebraska as the newest member of the association, with members now accounting for 99 percent of U.S. crush capacity. 

Year-to-date processing for the 2024/25 marketing year reached 2.3 billion bushels, up 5.8 percent from the previous season. 

The USDA was forecasting U.S. crush to hit a record 2.430 billion bushels in the 2024/25 marketing year (September-August). When estimated for August, actual crush reached about 2.436 billion bushels. 

The USDA will release its soybean crush estimate for August on Oct. 1.

Soybean oil inventories at the end of August totaled 1.245 billion pounds, up 9.4 percent year-over-year, according to NOPA. Stocks were below the average trade guess of 1.298 billion pounds. 

The USDA lowered its soybean oil export forecast for 2024/25 slightly due to a slower shipment pace as the end of the marketing year nears. The USDA raised its food, feed, and industrial use forecast for 2025/26 due to an expected increase in production. 

The USDA continued to forecast record usage for soybean oil used in biofuel production for the current marketing year and the next marketing year. Uncertainty regarding the Environmental Protection Agency’s proposed 2026 and 2027 renewable volume obligations could challenge soy oil usage.

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