Executive Summary

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

• U.S. soybean crushings finished 6.1% above previous year levels throughout Feb ’22, reaching a record high seasonal level.
• U.S. soybean cake & meal stocks declined to a three year low seasonal level throughout Feb ’22, finishing 36.2% below previous year levels.
• U.S. soybean oil stocks remained at a record high seasonal level for the sixth consecutive month throughout Feb ’22, finishing 16.1% above previous year levels and reaching a 22 month high level, overall.

Additional Report Details

Soybean Crushing – Crush Reaches a Record High Seasonal Level, up 6.1% YOY

According to the USDA, Feb ’22 U.S. soybean crushings declined seasonally to a five month low level but remained 6.1% above previous year figures, reaching a record high seasonal level. The YOY increase in soybean crushings was the third experienced throughout the past five months and the largest experienced throughout the past 15 months on a percentage basis.

The West Central states of Kansas, Missouri and Nebraska experienced the largest YOY increase in soybean crushings throughout Feb ’22. YOY increases in soybean crushings were exhibited across all published regions throughout the month.

2021 annual soybean crushings finished 2.9% below the record high level experienced throughout the previous year. 2022 YTD soybean crushings have rebounded by 2.4% throughout the first two months of the calendar year, however, and are on pace to reach a record high annual level.

Cake & meal accounted for 73.0% of the total soybean crush throughout Feb ’22, finishing below previous year levels. Oil accounted for 17.9% of the total soybean crush, up from the previous year.

Soybean oil produced as a percentage of total crush rebounded to a four month high level throughout Feb ’22. Soybean oil produced as a percentage of total crush has finished above historical average figures over 14 consecutive months through February.

Soybean Cake & Meal Stocks – Stocks Decline to a Three Year Low Seasonal Level, Down 36.2% YOY

Feb ’22 U.S. soybean cake & meal stocks declined contraseasonally to a three month low level while finishing 36.2% below previous year levels. Soybean cake & meal stocks reached a three year low seasonal level for the month of February. The YOY decline in soybean cake & meal stocks was the second experienced in a row and the largest experienced throughout the past three years on a percentage basis. The month-over-month decline in soybean cake & meal stocks of 12.4% was a contraseasonal move when compared to the five year average January – February seasonal build in stocks of 2.1%.

Soybean Oil Stocks – Stocks Remain at a Record High Seasonal Level, up 16.1% YOY

Feb ’22 U.S. soybean oil stocks increased seasonally to a 22 month high level, finishing 16.1% above previous year levels and remaining at a record high seasonal level for the sixth consecutive month. The YOY increase in soybean oil stocks was the seventh experienced in a row. The month-over-month increase in soybean oil stocks of 2.8% was largely consistent with the five year average January – February seasonal build in stocks of 3.7%.