Executive Summary

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

• U.S. soybean crushings declined 7.4% on a YOY basis throughout Apr ’21, finishing lower for the third consecutive month.
• Apr ’21 U.S. soybean cake & meal stocks remained higher on a YOY basis for the fourth consecutive month, finishing up 22.2% and reaching a record high seasonal level.
• Apr ’21 U.S. soybean oil stocks remained lower on a YOY basis for the fifth consecutive month, finishing down 18.4% and reaching a record low seasonal level.

Additional Report Details

Soybean Crushing – Crush Declines YOY for the Third Consecutive Month, Finishes Down 7.4%

According to the USDA, Apr ’21 U.S. soybean crushings declined seasonally to an eight month low level while finishing 7.4% below previous year levels. Soybean crushings reached a four year low seasonal level for the month of April. The YOY decline in soybean crushings was the third experienced in a row and the largest experienced in record. Soybean crush figures have been compiled since mid-2015. Soybean crushings had reached record high seasonal levels over five consecutive months through Jan ’21, prior to declining on a YOY basis throughout the three most recent months of available data.

Apr ’21 YOY declines in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota. The 6.8% month-over-month decline in soybean crushings was larger than the five year average March – April seasonal decline of 2.1%. 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 2.1% throughout the first four months of the calendar year.

Cake & meal accounted for 74.1% of the total soybean crush throughout Apr ’21, up from the previous year, while oil accounted for 17.7% of the total soybean crush, also up from the previous year.

Apr ’21 soybean oil produced as a percentage of total crush declined from the record high level experienced throughout the previous month but remained above historical average figures for the seventh consecutive month.

Soybean Cake & Meal Stocks – Stocks Reach a Record High Seasonal Level, Finish up 22.2% YOY

Apr ’21 U.S. soybean cake & meal stocks increased slightly from the previous month while finishing 22.2% above previous year levels and reaching a record high seasonal level. Soybean cake & meal stocks have been compiled since mid-2015. The YOY increase in soybean cake & meal stocks was the fourth experienced in a row. The month-over-month increase in soybean cake & meal stocks of 0.5% was a contraseasonal move when compared to the five year average March – April seasonal decline in stocks of 2.0%.

Soybean Oil Stocks – Stocks Reach a Record Low Seasonal Level, Finish Down 18.4% YOY

U.S. soybean oil stocks declined contraseasonally to a four month low level throughout Apr ’21 while finishing 18.4% below previous year levels and reaching a record low seasonal level. Soybean oil stocks have been compiled since mid-2015. Soybean oil stocks have finished lower on a YOY basis over five consecutive months through Apr ’21. The month-over-month decline in soybean oil stocks of 2.6% was a contraseasonal move when compared to the five year average March – April seasonal increase of 3.4%.