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

• Jul ’19 U.S. soybean crushings increased on a YOY basis for the first time in the past six months, finishing up 0.4% to a five year seasonal high level.
• Jul ’19 U.S. soybean cake & meal stocks declined 25.5% YOY, reaching a four year seasonal low level. Soybean cake & meal stocks declined contraseasonally throughout the month.
• Jul ’19 U.S. soybean oil stocks increased contraseasonally but remained 16.7% lower YOY, finishing lower on a YOY basis for the seventh consecutive month.

Additional Report Details Soybean Crushing – Soybean Crush Finishes up 0.4% YOY to a Five Year Seasonal High Level According to USDA, Jul ’19 U.S. soybean crushings finished higher on a YOY basis for the first time in the past six months, increasing 0.4% to a five year high seasonal level. Jul ’19 YOY increases in soybean crushings were largest throughout Iowa, followed by Illinois and the North Central states of Michigan, Minnesota, North Dakota and South Dakota. Soybean crushings finished most significantly lower on a YOY basis throughout the South, West & Pacific states of Alabama, Arkansas, California, Georgia, Louisiana, Mississippi, North Carolina and South Carolina throughout Jul ’19. 2018 annual soybean crushings increased 9.4% YOY, reaching a record annual high, however 2019 YTD soybean crushings remain down 1.2% YOY throughout the first seven months of the calendar year, despite the most recent YOY increase. Cake & Meal accounted for 72.8% of the total soybean crush throughout Jul ’19, down slightly from the previous year, while oil accounted for 17.6% of the total soybean crush, up slightly from the previous year. Jul ’19 soybean oil produced as a percentage of total crush rebounded to a four month high, finishing above historical average figures for the ninth time in the past ten months. Soybean Cake & Meal Stocks – Stocks Decline 25.5% YOY, Reach a Four Year Seasonal Low Level Jul ’19 U.S. soybean cake & meal stocks declined 8.5% MOM and 25.5% YOY, finishing lower on a YOY basis for the fifth time in the past six months and reaching a four year seasonal low level. The seasonal decline in soybean cake & meal stocks of 8.5% was a contraseasonal move when compared to the three year June – July seasonal average increase of 33.5%. Soybean Oil Stocks – Stocks Rebound Contraseasonally but Remain Down 16.7% YOY Jul ’19 U.S. soybean oil stocks rebounded 3.6% MOM from the seven month low experienced throughout the previous month but remained 16.7% lower on a YOY basis. The YOY decline in soybean oil stocks was the seventh experienced in a row. The seasonal increase in soybean oil stocks of 3.6% was a contraseasonal move when compared to the three year June – July seasonal average decline of 5.5%, however.