“The USDA forecasts 2026-27 production at 186 mmt. with exports also at 118 mmt. NOPA members crushed only 196.3 mil. bu. of soybeans in September, down from 205.5 mil. in August while also below 197.9 mil. in September 2025. This was the lowest for soybeans processed in 13 months and well below expectations of 203.7 mil. Processors took extended down time for maintenance and in some cases due to lack of soybeans driven by harvest delays. Crush in Iowa, top processing state, was down 13.2% YOY. NOPA data would suggest census crush at 201 mil. bu. the lowest since July 2025. Crush will need to average 234.5 mil. bu. per month October 2026 through August 2027 to reach the USDA forecast of 2.780 bil. bu.,” Soderberg said.