U.S. Soybean Crush Falls 1.4% YoY in May

U.S. Soybean Crush Falls 1.4% YoY in May

The National Oilseed Processors Association (NOPA), representing nearly all U.S. soybean processing operations, reported that members crushed 208.785 million bushels in May 2026. This volume represents a 1.4 % decline from April’s 211.856 million bushels and remains 8.3 % higher than the 192.829 million bushels processed in May 2025.

The daily crush rate in May was 6.735 million bushels, the lowest level observed in the past eight months, with the previous low occurring in September. Analysts surveyed by NOPA had projected an average crush of 216.015 million bushels for May, with individual forecasts ranging from 207.280 million to 223.100 million bushels and a median estimate of 216.400 million bushels. Consequently, the actual crush missed the median forecast by roughly 7.6 million bushels.

Soy oil inventories held by NOPA members declined to 1.735 billion pounds as of May 31, marking the lowest stock level in five months. This inventory level reflects a 12.0 % drop from the end‑of‑April figure. NOPA revised the April inventory figure to 1.971 billion pounds, up from an earlier estimate of 1.947 billion pounds.

The reduction in processing volumes is attributed to temporary shutdowns of crush facilities for seasonal maintenance and repairs after several months of record or near‑record processing rates.