Executive Summary

U.S. soybean crush and stocks figures provided by the USDA were recently updated with values spanning through Jan ’22. Highlights from the updated report include:

• U.S. soybean crushings declined 1.1% on a YOY basis throughout Jan ’22 but remained at the second highest seasonal level on record.
• U.S. soybean cake & meal stocks increased seasonally to a six month high level throughout Jan ’22 but remained 22.6% below previous year levels.
• U.S. soybean oil stocks remained at a record high seasonal level for the fifth consecutive month throughout Jan ’22, finishing 12.3% above previous year levels and reaching a 21 month high level, overall.

Additional Report Details

Soybean Crushing – Crush Finishes 1.1% Below Previous Year Levels

According to the USDA, Jan ’22 U.S. soybean crushings declined slightly from the record high level experienced throughout the previous month while finishing 1.1% below previous year figures. The YOY decline in soybean crushings was the tenth experienced throughout the past 12 months. Despite declining on a YOY basis, soybean crushing remained at the second highest seasonal level on record. Soybean crushing figures have been compiled since May ’15.

Iowa experienced the largest YOY decline in soybean crushings throughout Jan ’22. Soybean crushings increased most significantly from the previous year throughout the North & East states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia.

2020 annual soybean crushings finished 5.6% higher on a YOY basis, reaching a record high annual level, however 2021 annual crushings declined by 2.9%.

Cake & meal accounted for 72.6% of the total soybean crush throughout Jan ’22, finishing slightly below previous year levels. Oil accounted for 17.7% of the total soybean crush, also down slightly from the previous year.

Jan ’22 soybean oil produced as a percentage of total crush declined to an 11 month low level but remained historically high, overall. Soybean oil produced as a percentage of total crush has finished above historical average figures over 14 consecutive months through January.

Soybean Cake & Meal Stocks – Stocks Finish 22.6% Below Previous Year Levels

Jan ’22 U.S. soybean cake & meal stocks increased seasonally to a six month high level but remained 22.6% below previous year levels. Soybean cake & meal stocks remained at the second highest seasonal level on record, despite finishing below previous year levels. The YOY decline in soybean cake & meal stocks was the second experienced throughout the past three months and the largest experienced throughout the past 28 months on a percentage basis. The month-over-month increase in soybean cake & meal stocks of 6.3% was slightly larger than the five year average December – January seasonal build in stocks of 4.6%.

Soybean Oil Stocks – Stocks Remain at a Record High Seasonal Level, up 12.3% YOY

Jan ’22 U.S. soybean oil stocks increased seasonally to a 21 month high level, finishing 12.3% above previous year levels and remaining at a record high seasonal level for the fifth consecutive month. The YOY increase in soybean oil stocks was the sixth experienced in a row. The month-over-month increase in soybean oil stocks of 3.8% was smaller than the five year average December – January seasonal build in stocks of 12.2%, however.