Executive Summary

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

• U.S. soybean crushings declined 0.3% on a YOY basis throughout Nov ’21, finishing below previous year levels for the ninth time in the past ten months but remaining at the second highest seasonal level on record.
• U.S. soybean cake & meal stocks declined to a three year low seasonal level throughout Nov ’21, finishing 14.0% below previous year levels.
• U.S. soybean oil stocks remained at a record high seasonal level for the third consecutive month throughout Nov ’21, finishing 16.3% above previous year levels.

Additional Report Details

Soybean Crushing – Crush Finishes Lower YOY for the Ninth Time in the Past Ten Months, Down 0.3%

According to the USDA, Nov ’21 U.S. soybean crushings declined slightly from the 11 month high level experienced throughout the previous year while finishing 0.3% below previous year figures. The YOY decline in soybean crushings was the ninth experienced throughout the past ten months. Soybean crushings remained at the second highest seasonal level on record for the month of November, however.

Nov ’21 YOY declines in soybean crushings were largest throughout the South, West & Pacific states of Alabama, Arkansas, California, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. 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 5.5% higher on a YOY basis, reaching a record high annual level. 2021 YTD crushings have declined by 3.4% heading into the final month of the calendar year.

Cake & meal accounted for 73.1% of the total soybean crush throughout Nov ’21, finishing below previous year levels, while oil accounted for 17.8% of the total soybean crush, up from the previous year.

Nov ’21 soybean oil produced as a percentage of total crush declined from the record high level experienced throughout the previous month but remained historically high, overall. Soybean oil produced as a percentage of total crush has finished above historical average figures over 12 consecutive months through November.

Soybean Cake & Meal Stocks – Stocks Decline to a Three Year Low Seasonal Level, Down 14.0% YOY

Nov ’21 U.S. soybean cake & meal stocks declined from the previous month and reached a three year low seasonal level, finishing 14.0% below previous year levels. The YOY decline in soybean cake & meal stocks was the third experienced throughout the past four months and the largest experienced throughout the past 20 months on a percentage basis. The month-over-month decline in soybean cake & meal stocks of 1.9% was a contraseasonal move when compared to the five year average October – November seasonal build in stocks of 6.2%.

Soybean Oil Stocks – Stocks Remain at a Record High Seasonal Level, up 16.3% YOY

Nov ’21 U.S. soybean oil stocks declined slightly from the 17 month high level experienced throughout the previous month but remained 16.3% above previous year levels, remaining at a record high seasonal level for the third consecutive month. The YOY increase in soybean oil stocks was the fourth experienced in a row. The month-over-month decline in soybean oil stocks of 0.1% was a slight contraseasonal move when compared to the five year average October – November seasonal build in stocks of 2.5%.