More soybeans were crushed during December 2023 than any other month on record.
The USDA says that crush was 204 million bushels, up 4 million from November and 17 million from December 2022.
That was largely driven by profitable late-year margins and expectations for strong soybean oil demand for biodiesel use.
Those margins have narrowed in early 2024 due to lower prices for soybeans and products, while soybean meal exports and domestic biodiesel usage have generally fallen short of some expectations, which could limit crush demand in the coming months.
