Executive Summary

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

• U.S. soybean crushings increased 0.2% on a YOY basis throughout Oct ’21, reaching a record high seasonal level. The YOY increase in soybean crushings was the first experienced throughout the past nine months. Soybean oil produced as a percentage of total crush reached a new record high monthly level.
• U.S. soybean cake & meal stocks rebounded to a three year high seasonal level throughout Oct ’21, finishing 6.1% above the previous year.
• U.S. soybean oil stocks remained at a record high seasonal level throughout Oct ’21, finishing 25.0% above previous year levels. The YOY increase in soybean oil stocks was the largest experienced throughout the past three years.

Additional Report Details

Soybean Crushing – Crush Reaches a Record High Seasonal Level, up 0.2% YOY

According to the USDA, Oct ’21 U.S. soybean crushings increased seasonally to an 11 month high level while finishing 0.2% above previous year figures, reaching a record high seasonal level. The YOY increase in soybean crushings was the first experienced throughout the past nine months.

Oct ’21 YOY increases in soybean crushings were largest throughout Iowa, followed by the North Central states of Michigan, Minnesota, North Dakota and South Dakota. Soybean crushings declined most significantly from the previous year throughout the South, West & Pacific states of Alabama, Arkansas, California, Georgia, Louisiana, Mississippi, North Carolina and South Carolina.

2020 annual soybean crushings finished 5.6% higher on a YOY basis, reaching a record high annual level. 2021 YTD crushings have declined by 3.7% throughout the first ten months of the calendar year, however, despite the most recent decline.

Cake & meal accounted for 72.5% of the total soybean crush throughout Oct ’21, finishing below previous year levels, while oil accounted for 18.0% of the total soybean crush, up from the previous year.

Soybean oil produced as a percentage of total crush reached a new record high monthly level throughout Oct ’21. Soybean oil produced as a percentage of total crush has finished above historical average figures over 11 consecutive months through October.

Soybean Cake & Meal Stocks – Stocks Rebound to a Three Year High Seasonal Level, up 6.1% YOY

Oct ’21 U.S. soybean cake & meal stocks rebounded from the 20 month low level experienced throughout the previous month while finishing 6.1% above previous year levels, reaching a three year high seasonal level. The YOY increase in soybean cake & meal stocks was the first experienced throughout the past three months. The month-over-month increase in soybean cake & meal stocks of 18.6% was larger than the five year average September – October seasonal build in stocks of 5.0%.

Soybean Oil Stocks – Stocks Remain at a Record High Seasonal Level, up 25.0% YOY

Oct ’21 U.S. soybean oil stocks increased to a 17 month high level, finishing 25.0% above previous year levels and remaining at a record high seasonal level for the second consecutive month. The YOY increase in soybean oil stocks was the third experienced in a row and the largest experienced throughout the past three years on a percentage basis. The month-over-month increase in soybean oil stocks of 12.6% was significantly larger than the five year average September – October seasonal build in stocks of 1.3%.