According to the National Oilseed Processors Association (NOPA), 142.47 million bushels of soybeans were processed in the US in June. This is the highest processing rate in any month of June since records began, and almost 20% higher than last June.
May of this year even saw 148.42 million bushels of soybeans processed. Reasons for the still high rate of soybean processing include the high margins which companies can achieve. The price of soybean meal soared by nearly 18% in June.
This also benefited the soybean price, which has surged by nearly 13% since mid-May and is currently trading at around $10.2 per bushel, says Commerzbank.
