Executive Summary

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

• U.S. soybean crushings declined 3.4% on a YOY basis throughout May ’21, finishing lower for the fourth consecutive month.
• May ’21 U.S. soybean cake & meal stocks reached a record high monthly level, finishing 34.1% above previous year levels.
• May ’21 U.S. soybean oil stocks remained lower on a YOY basis for the sixth consecutive month, finishing 16.0% below previous year levels.

Additional Report Details

Soybean Crushing – Crush Declines YOY for the Fourth Consecutive Month, Finishes Down 3.4%

According to the USDA, May ’21 U.S. soybean crushings declined seasonally to a 20 month low level, finishing 3.4% below previous year levels. The YOY decline in soybean crushings was the fourth 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 four most recent months of available data.

May ’21 YOY declines in soybean crushings were largest throughout the North & East states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia. The 1.1% month-over-month decline in soybean crushings was smaller than the five year average April – May seasonal decline of 2.9%. 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 2.3% throughout the first five months of the calendar year.

Cake & meal accounted for 74.0% of the total soybean crush throughout May ’21, up from the previous year, while oil accounted for 17.8% of the total soybean crush, also up from the previous year.

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

Soybean Cake & Meal Stocks – Stocks Reach a Record High Monthly Level, Finish up 34.1% YOY

May ’21 U.S. soybean cake & meal stocks increased to a record high monthly figure, finishing 34.1% above previous year levels. Soybean cake & meal stocks have been compiled since mid-2015. The YOY increase in soybean cake & meal stocks was the fifth experienced in a row. The month-over-month increase in soybean cake & meal stocks of 42.0% was a contraseasonal move when compared to the five year average April – May seasonal decline in stocks of 0.2%.

Soybean Oil Stocks – Stocks Remain Lower YOY for the Sixth Consecutive Month, Down 16.0%

U.S. soybean oil stocks declined seasonally to a five month low level throughout May ’21 while finishing 16.0% below previous year levels. Soybean oil stocks have finished lower on a YOY basis over six consecutive months through May ’21. The month-over-month decline in soybean oil stocks of 5.2% was largely consistent with the five year average April – May seasonal decline of 6.1%.