Overview
U.S. soybean processing activity eased in May, according to data from the National Oilseed Processors Association (NOPA). Members of the trade group, which represent nearly all of the nation’s soybean crushing operations, reported a monthly crush that declined from April and produced the lowest daily processing rate in eight months.
Monthly and daily crush figures
NOPA reported a May crush of 208.785 million bushels. That total is 1.4% lower than April’s 211.856 million bushels, while remaining 8.3% higher than the 192.829 million bushels processed in May 2025. The reported daily crush averaged 6.735 million bushels, the weakest daily rate since September.
Market expectations and analyst forecasts
Market forecasters had generally expected a larger May throughput. Ten analysts surveyed predicted an average monthly crush of 216.015 million bushels. Individual forecasts ranged from a low of 207.280 million bushels to a high of 223.100 million bushels, with the median estimate at 216.400 million bushels.
Operational factors
Analysts cited temporary closures of crushing facilities since April to perform seasonal maintenance and repairs as a driver of the reduced processing rates. These intermittent shutdowns followed several months that saw record or near-record levels of processing.
Soyoil inventories
Soyoil stocks held by NOPA members decreased to 1.735 billion pounds as of May 31, the lowest reported level in five months. That figure represents a 12.0% decline from the end of April. NOPA also revised its April soyoil stock figure to 1.971 billion pounds from a previously reported 1.947 billion pounds.
Takeaway
The May data show a modest pullback in U.S. soybean processing on a monthly basis and a sizeable year-on-year increase, alongside tightening soyoil inventories. Seasonal maintenance and repair activity has been cited by analysts as a key proximate factor behind the lower daily crush rate.