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

• U.S. soybean crushings increased 2.8% on a YOY basis during Jul ’20, finishing at a record high seasonal level for the eighth consecutive month.
• U.S. soybean cake & meal stocks remained higher on a YOY basis for the fourth consecutive month during Jul ’20, finishing up 19.2%.
• U.S. soybean oil stocks remained higher on a YOY basis for the seventh time in the past eight months, finishing up 7.5%.

Additional Report Details Soybean Crushing – Crush Remains at a Record High Seasonal Level, Finishes up 2.8% YOY According to the USDA, Jul ’20 U.S. soybean crushings rebounded 0.7% from the previous month while finishing 2.8% higher on a YOY basis, reaching a record high seasonal level. Soybean crushings have reached record high seasonal levels over eight consecutive months through July. Jul ’20 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota, followed by the West Central states of Kansas, Missouri and Nebraska. The 0.7% month-over-month increase in soybean crushings was smaller than the three year average June – July seasonal increase of 4.6%. 2019 annual soybean crushings finished 0.7% below the record high annual levels experienced throughout the previous year however 2020 YTD soybean crushings have rebounded by 6.3% on a YOY basis throughout the first seven months of the calendar year. Cake & meal accounted for 73.7% of the total soybean crush throughout Jul ’20, up slightly from the previous year, while oil accounted for 17.4% of the total soybean crush, down slightly from the previous year. Jul ’20 soybean oil produced as a percentage of total crush rebounded to a ten month high level but remained below historical average figures for the tenth consecutive month. Soybean Cake & Meal Stocks – Stocks Remain Higher YOY for the Fourth Consecutive Month, up 19.2% Jul ’20 U.S. soybean cake & meal stocks declined 2.0% from the previous month but remained 19.2% above previous year levels. The YOY increase in soybean cake & meal stocks was the fourth experienced in a row. The month-over-month decline in soybean cake & meal stocks of 2.0% was a contraseasonal move when compared to the three year average June – July seasonal increase in stocks of 14.3%. Jul ’20 soybean cake & meal stocks finished 3.5% above three year average seasonal levels, finishing higher for the third consecutive month. Soybean Oil Stocks – Stocks Remain Higher YOY for the Seventh Time in Eight Months, up 7.5% Jul ’20 U.S. soybean oil stocks declined 7.7% from the previous month, reaching a seven month low level but remaining 7.5% above previous year volumes. Soybean oil stocks had finished lower on a YOY basis throughout eight consecutive months through Nov ’19 prior to finishing higher throughout seven of the past eight months. The month-over-month decline in soybean oil stocks of 7.7% was larger than the three year average June – July seasonal decline of 1.4%. Jul ’20 soybean oil stocks finished 1.2% above three year average seasonal levels, finishing higher for the seventh time in the past eight months.