(NDAgConnection.com) – The U.S. soybean crush in March reached a record for the month at 181.76 million bushels (4.95 million mt), a National Oilseed Processors Association report said April 18.

The record crush level estimates are likely to support oilseed prices as supply remains tight in drought-hit South America, reports S&P Global.

The average analyst estimates had pegged March crush volumes at 181.99 million bushels, slightly above the actual number.

March crush was 10% above February and rose 2.1% on the year, the report said.

Soybean oil and meal demand has been bullish, which has propped up crush momentum, analysts said. Crush margins have also been healthy, which has strengthened the juggernaut, they said.

According to NOPA, soybean oil stocks were estimated at a four-month low of 1.908 billion lb as of March 31, which is also down 7.3% from February but up 7.7% on the year, NOPA data showed.

The NOPA crush report reflects the monthly activity of 13 of the largest soybean processors in the US, accounting for 95% of the country’s soybean crush.