Executive Summary

U.S. soybean crush and stocks figures provided by the USDA were recently updated with values spanning through Dec ’20. Highlights from the updated report include:

• U.S. soybean crushings increased 4.9% on a YOY basis during Dec ’20, remaining at a record high seasonal level for the fourth consecutive month.
• U.S. soybean cake & meal stocks remained higher on a YOY basis for the seventh time in the past nine months during Dec ’20, finishing up 4.7%.
• U.S. soybean oil stocks remained higher on a YOY basis for the 12^th time in the past 13 months, finishing up 3.4% and reaching a record high seasonal level.

Additional Report Details

Soybean Crushing – Crush Remains at a Record High Seasonal Level, Finishes up 4.9% YOY

According to the USDA, Dec ’20 U.S. soybean crushings declined 1.8% from the record high level experienced throughout the previous month but remained 4.9% higher on a YOY basis. The YOY increase in soybean crushings was the 12^th experienced throughout the past 13 months. Soybean crushings remained at a record high seasonal level for the fourth consecutive month.

Dec ’20 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota. The 1.8% month-over-month decline in soybean crushings was a contraseasonal move when compared to the three year average November – December seasonal increase of 0.2%. 2020 annual soybean crushings finished 5.6% higher on a YOY basis, reaching a record high annual level.

Cake & meal accounted for 73.5% of the total soybean crush throughout Dec ’20, up slightly from the previous year, while oil accounted for 17.4% of the total soybean crush, also up slightly from the previous year.

Dec ’20 soybean oil produced as a percentage of total crush declined to a three month low level, finishing below historical average figures for the first time in the past three months.

Soybean Cake & Meal Stocks – Stocks Finish Higher YOY for the Seventh Time in Nine Months, up 4.7%

Dec ’20 U.S. soybean cake & meal stocks declined from the five month high level experienced throughout the previous month but remained 4.7% higher on a YOY basis. The YOY increase in soybean cake & meal stocks was the seventh experienced throughout the past nine months. The month-over-month decline in soybean cake & meal stocks of 13.7% was a contraseasonal move when compared to the three year average November – December seasonal increase in stocks of 18.8%. Despite finishing higher on a YOY basis, Dec ’20 soybean cake & meal stocks remained 13.5% below three year average seasonal levels.

Soybean Oil Stocks – Stocks Remain Higher YOY for the 12^th Time in 13 Months, up 3.4%

Dec ’20 U.S. soybean oil stocks increased seasonally to a six month high level while finishing 3.4% higher on a YOY basis. Soybean oil stocks had finished lower on a YOY basis throughout eight consecutive months through Nov ’19 prior to finishing higher throughout 12 of the past 13 months. Soybean oil stocks remained at a record high seasonal level for the second consecutive month. The month-over-month increase in soybean oil stocks of 7.3% was slightly smaller than the three year average November – December seasonal increase of 10.3%. Dec ’20 soybean oil stocks finished 9.9% above three year average seasonal levels, finishing higher for the 12^th time in the past 13 months.