US February soybean crush, soyoil stocks above expectations: NOPA

February US soybean crush and soyoil stock levels overtook market expectations with additional crush capacity brought online, estimates from the National Oilseed Processors Association (NOPA) showed Friday.

NOPA members, which represent about 95% of all soybeans crushed in the country, were estimated to have processed 186.2 million bushels (bu) of soybeans in February, up from 185.8 million bu in January and above average trade guesses pegged at 178.1 million bu.

This was the highest level for a February month on record bouncing back from January’s slump driven by a severe cold snap.

The uplift in crush levels is likely related to additional capacity being bought online in February.

“We are unsure if any new plants were added but do speculate the new plants that recently came online increased production [in February],” Terry Reilly, senior agricultural strategist at Marex said in a note to clients.

NOPA reported soyoil stocks at the end of February at 1,690 million pounds (lb), up from 1,507 million lb in January and above market expectations of 1,591 million lb.

The report was seen as mostly neutral for soyoil and meal prices and supportive for beans, sources told Agricensus.