Executive Summary

U.S. soybean crush and stocks figures provided by the USDA were recently updated with values spanning through Jun ’21. Highlights from the updated report include:

• U.S. soybean crushings declined 8.8% on a YOY basis throughout Jun ’21, finishing lower for the fifth consecutive month.
• Jun ’21 U.S. soybean cake & meal stocks declined from the record high monthly level experienced throughout the previous month while finishing 7.1% below previous year levels.
• Jun ’21 U.S. soybean oil stocks remained lower on a YOY basis for the seventh consecutive month, finishing 12.6% below previous year levels.

Additional Report Details

Soybean Crushing – Crush Declines YOY for the Fifth Consecutive Month, Finishes Down 8.8%

According to the USDA, Jun ’21 U.S. soybean crushings declined seasonally to a two year low level, finishing 8.8% below previous year levels. The YOY decline in soybean crushings was the fifth experienced in a row. Soybean crushings had reached record high seasonal levels over five consecutive months through Jan ’21, prior to declining on a YOY basis throughout the five most recent months of available data.

Jun ’21 YOY declines in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota. The 3.7% month-over-month decline in soybean crushings was larger than the five year average May – June seasonal decline of 0.4%. 2020 annual soybean crushings finished 5.6% higher on a YOY basis, reaching a record high annual level, however 2021 YTD crushings have declined by 3.4% throughout the first half of the calendar year.

Cake & meal accounted for 73.8% of the total soybean crush throughout Jun ’21, up slightly from the previous year, while oil accounted for 17.8% of the total soybean crush, also up from the previous year.

Jun ’21 soybean oil produced as a percentage of total crush remained above historical average figures for the ninth consecutive month, reaching the second highest monthly figure on record.

Soybean Cake & Meal Stocks – Stocks Finish Lower YOY for the First Time in Six Months, Down 7.1%

Jun ’21 U.S. soybean cake & meal stocks declined from the record high monthly figure experienced throughout the previous month while finishing 7.1% below previous year levels. The YOY decline in soybean cake & meal stocks was the first experienced throughout the past six months. The month-over-month decline in soybean cake & meal stocks of 34.1% was significantly larger than the five year average May – June seasonal decline in stocks of 2.2%.

Soybean Oil Stocks – Stocks Remain Lower YOY for the Seventh Consecutive Month, Down 12.6%

U.S. soybean oil stocks declined seasonally to an eight month low level throughout Jun ’21 while finishing 12.6% below previous year levels. Soybean oil stocks have finished lower on a YOY basis over seven consecutive months through Jun ’21. The month-over-month decline in soybean oil stocks of 2.3% was largely consistent with the five year average May – June seasonal decline of 3.7%.