The national oilseed processing industry association (NOPA) plans to release monthly crushing data at 11 a.m. central time on Monday (August 16). Analysts expect soybean oil inventories to decline by the end of July 2021.
According to the survey, the soybean oil inventory of NOPA member enterprises is expected to be 1.505 billion pounds at the end of July, lower than 1.537 billion pounds at the end of June, the lowest in nine months.
Analysts’ forecasts range from 1435 million pounds to 1.606 billion pounds. The median is 1.5 billion pounds.
In Thursday’s supply and demand report, the U.S. Department of agriculture lowered the U.S. soybean crushing volume in 2020 / 21 (September to August of the next year) to 2.155 billion Pu, lower than the 2.170 billion Pu predicted in July and 2.165 billion Pu last year. The forecast value of US soybean oil production in 2020 / 21 was also lowered to 21.515 billion pounds, lower than the forecast of 25.39 billion pounds last month.
Source: Master Boyi
Post time: Aug-19-2021