Soybean Crush Maintains Uptrend

CHICAGO - May 16/02 - SNS -- Soybean crush in the United States posted a solid increase over year earlier levels, with total crush in the United States reaching 1,007 million bushels or 27.4 million metric tons (MT) by the end of April, according to data supplied by the U.S. National Oilseed Processors Association (NOPA).

During the same seven month period, oilseed crushers in the United States processed 958 million bushels of soybeans, up from the 939 million processed during the same period of the 1999-00 marketing year.

Rising crush activity has resulted in a corresponding increase in meal and oil output levels in the United States. Year to date meal output now stands at 23.97 short tons, up from 22.88 million tons during the same October to April period last season, Oil output is now 4,556.9 million pounds or 5.11 million MT, compared to 4,368 million pounds or 4.88 million MT during the same period last season.

According to the NOPA data, the crushing industry used 85% of its capacity during April, a solid improvement over the 81.6% capacity utilization reported for April, 2001. Meal yields during April were slightly below levels achieved in March or last year, slipping from 47.99 pounds per bushel in April 2001 to 47.61 pounds this year. Oil yield was also down, slipping from 11.39 pounds per bushel in April 2001 to 11.28 pounds this year.

Rising production of oil and meal has not been reflected in the level of new sales, suggests the NOPA numbers. Though down from March, soybean oil stocks finished April at 2,284 million pounds, a solid increase from the 1,992 million on hand last year. In the case of soybean meal, exports are down, falling from 504,000 tons in April of 2001 and 618,984 tons in March to just 460,749 tons in April 2002.

                  United States Soybean Crush Summary
                      1999-00     2000-01     2000-01     2001-02        2002
                      Oct-Sep     Oct-Sep     Oct-Apr     Oct-Apr         Apr
Domestic Measure
Soybean Crush       1,550,541   1,596,562     958,006   1,006,760     135,398
Meal Production    36,995,130  38,227,858  22,880,336  23,972,477   3,223,055
Oil Production      5,738,773   6,841,643   4,368,459   4,556,903     460,749
Oil Stocks         17,770,943  18,033,736  10,750,084  11,265,993   1,527,365
Oil Stocks          1,619,387   2,289,953   1,991,145   2,284,878   2,284,878
Metric Tons
Soybean Crush      42,199,247  43,451,746  26,072,920  27,399,800   3,684,968
Meal Production    33,561,762  34,680,085  20,756,905  21,747,688   2,923,936
Oil Production      8,060,847   8,180,049   4,876,206   5,110,221     692,808
Oil Stocks            734,549   1,038,716     903,177   1,036,414   1,036,414
BASED on NOPA data
NOTES: Oil stocks are the period ending quantity on hand
       Domestic measurements for soybean crush activity are as follows:
       Soybean crush is in 000 bushels
       Meal production and exports are in short tons
       Oil production and stocks are in 000 pounds