According to NOPA data, in January, the soybean processing volume in the United States reached a huge 5.45 million tonnes. Although this figure remains the second highest in history, it decreased slightly by 169 thousand tonnes compared to the previous record. Nevertheless, it is still 7.9% higher compared to January of the previous year.
Some plants slowed down processing due to harsh winter weather conditions and an excess of soybean meal. At the same time, demand for soybean oil in the domestic market decreased, although stocks remain high.
The February USDA report shows that the global soybean processing volume increased by 1.9 million tonnes to 349.3 million tonnes. Also, global soybean meal trade grew by over 300 thousand tonnes, reaching 107.4 million tonnes.