Executive Summary U.S. soybean crush and stocks figures provided by USDA were recently updated with values spanning through Dec ’19. Highlights from the updated report include:

• Dec ’19 U.S. soybean crushings increased 0.5% on a YOY basis, reaching a record high seasonal level.
• Dec ’19 U.S. soybean cake & meal stocks finished 13.3% lower on a YOY basis, reaching a four year seasonal low level.
• Dec ’19 U.S. soybean oil stocks finished 6.7% higher on a YOY basis, reaching a five year high seasonal level. The YOY increase in soybean oil stocks was the first experienced throughout the past 12 months.

Additional Report Details Soybean Crushing – Crush Reaches a Record High Seasonal Level, Finishes up 0.5% YOY According to USDA, Dec ’19 U.S. soybean crushings increased 0.5% on a YOY basis, reaching a record high seasonal level. The YOY increase in soybean crushings was the second experienced throughout the past three months. Dec ’19 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota, followed by the North & East states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia. Soybean crushings finished most significantly lower on a YOY basis throughout Iowa. 2019 annual soybean crushings finished 0.7% below the record high annual levels experienced throughout the previous year, despite the recently experienced YOY increases. Cake & meal accounted for 73.3% of the total soybean crush throughout Dec ’19, up slightly from the previous year, while oil accounted for 17.3% of the total soybean crush, down slightly from the previous year. Dec ’19 soybean oil produced as a percentage of total crush declined to a 17 month low level, finishing below historical average figures for the third consecutive month. Soybean Cake & Meal Stocks – Stocks Finish 13.3% Lower YOY, Reach a Four Year Seasonal Low Level Dec ’19 U.S. soybean cake & meal stocks declined 19.8% MOM and 13.3% YOY, finishing lower on a YOY basis for the third time in the past four months and reaching a four year seasonal low level. The month-over-month decline in soybean cake & meal stocks of 19.8% was a contraseasonal move when compared to the three year November – December seasonal average increase in stocks of 29.3%. Dec ’19 soybean cake & meal stocks finished 21.3% below three year average seasonal levels. Soybean Oil Stocks – Stocks Finish 6.7% Higher YOY, Reach a Five Year Seasonal High Level Dec ’19 U.S. soybean oil stocks increased 12.2% MOM to a ten month high level while finishing 6.7% above previous year volumes and reaching a five year seasonal high level. The YOY increase in soybean oil stocks was the first experienced throughout the past 12 months. The seasonal build in soybean oil stocks of 12.2% was greater than the three year November – December seasonal average build of 6.1%. Dec ’19 soybean oil stocks finished 9.3% above three year average seasonal levels, finishing higher for the second consecutive month.