premierbetcasino| NOPA report shows U.S. soybean oil stocks are lower than expected: soybean crush falls year-on-year

News summary

U.S. soybean oil stocks fell below expectations in AprilpremierbetcasinoSoybean crush was lower than expected, and the market was cautious about U.S. oilseed demand. The USDA report did not bring bright spots, and carry-over stocks of U.S. soybeans increased slightly. Domestic soybean supply is loose and soybean oil fundamentals are gradually weakening.

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[U.S. soybean oil stocks in April 2024 were lower than market expectations, and soybean crush volume was lower than estimates]

The American Oilseed Processors Association (NOPA) announcedpremierbetcasinoData shows that U.S. soybean oil stocks in April 2024 were 17.premierbetcasino.55 billion pounds, less than market expectations of 18premierbetcasino.82 billion pounds and 1.851 billion pounds in March fell significantly. In addition, soybean crush during the same period was 166.034 million bushels, not only lower than market expectations of 183.072 million bushels, but also lower than March's 196.406 million bushels, although it was a decrease from 173.232 million bushels in the same period in 2023.

[The USDA report has limited impact on the market, and domestic soybean imports are expected to rise]

Although the U.S. Department of Agriculture (USDA) report had a certain impact on market sentiment, it did not bring significant highlights overall. The report slightly raised the carry-over inventory of U.S. soybeans at the end of the period, maintained Argentina's soybean production forecast of 50 million tons, and lowered Brazil's soybean production by 1 million tons. According to current forecasts, during the period from May to July, the amount of domestically imported soybeans will be 11 million tons, 10.5 million tons and 10 million tons respectively, indicating that the operating rate and crushing volume of the oil plant will remain at a high level.

[Domestic soybean crushing volume has increased, and the operating rate of oil plants continues to remain high]

Data showed that in the week ending May 17, domestic soybean crushing volume reached 1.89 million tons, an increase of 90,000 tons from the previous week, but a decrease of 60,000 tons from the previous month. This trend shows that despite slight fluctuations, the operating rate and crushing volume of domestic oil mills have generally remained at a relatively high level.

[Soybean oil supply tends to be loose, and the international bean market lacks new drivers]

With the arrival of a large number of imported soybeans in Hong Kong, the domestic supply of soybean oil appears relatively loose. At the same time, as there has been no major weather hype for new U.S. soybean products, and the Brazilian and Argentine soybean markets also lack new drivers, overall, the fundamentals of soybean oil show a weak trend. Investors need to pay close attention to subsequent market developments and possible policy adjustments in order to make corresponding investment decisions.