US soybean crushing outpaces estimates to hit 5.8m mt in October

The volume of soybeans crushed in the United States marginally outpaced analyst expectations in October, with US crushers processing 5.8 million mt of beans, up 43,000 mt on a trade guess and exactly the same volume as in October 2016.

USDA data released Friday showed that the figures were up 21% on the volume in September, reflecting seasonal norms, which is normal as the US harvest comes in.

Analysts said the figure was “mildly supportive” but that “technical buying outweighed anything fundamental.

There was no major change in capacity throughput compared to the year before with Iowa crushing almost 20% of the beans and Illinois crushing 10%.