NOPA Reports Record November Soybean Crush

The National Oilseed Processors Association (NOPA) released its November crush report today. The data showed continued strength in U.S. soybean processing. However, product inventories continue to rise.

November Crush Remains Historically Strong

NOPA members crushed 216.0 million bushels of soybeans in November. This marked the largest November crush on record.

The total was about 12% higher than November 2024. However, it came in slightly below the average trade estimate near 220 million bushels. Even so, processing activity remains historically elevated.

Soyoil Stocks Move Higher

NOPA reported soybean oil stocks at 1.513 billion pounds at the end of November. This was a seven-month high.

Inventories were nearly 40% higher than last year. In addition, stocks exceeded all pre-report trade estimates. As a result, soyoil balances remain a key concern for the market.

Implications for Soybean Demand

Strong crush demand continues to support soybean usage. However, rising soyoil stocks are beginning to pressure the balance sheet.

As more crush capacity comes online, supply growth may accelerate. Therefore, demand from renewable diesel, SAF, and exports will be critical.

Near-Term Market Outlook

November’s NOPA report confirms that processing demand remains strong. At the same time, product balances are becoming more burdensome.

Looking ahead, the market will rely on growth in renewable fuels demand and export interest to absorb rising supplies. Without stronger consumption, inventories could weigh on prices.