Executive Summary U.S. soybean crush and stocks figures provided by USDA were recently updated with values spanning through Feb ’20. Highlights from the updated report include:

• U.S. soybean crushings increased 4.0% on a YOY basis during Feb ’20, reaching a record high seasonal level.
• U.S. soybean cake & meal stocks finished 50.5% higher on a YOY basis during Feb ’20, increasing on a YOY basis for the first time in the past three months.
• U.S. soybean oil stocks finished 13.3% higher on a YOY basis during Feb ’20, reaching a 21 month high level, overall.

Additional Report Details Soybean Crushing – Crush Reaches a Record High Seasonal Level, Finishes up 4.0% YOY According to USDA, Feb ’20 U.S. soybean crushings increased 4.0% on a YOY basis, reaching a record high seasonal level. The YOY increase in soybean crushings was the third experienced in a row. Feb ’20 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota, followed by the West Central states of Indiana, Kansas, Missouri and Nebraska. 2019 annual soybean crushings finished 0.7% below the record high annual levels experienced throughout the previous year however 2020 YTD soybean crushings have rebounded by 3.5% on a YOY basis throughout the first two months of the calendar year. Cake & meal accounted for 73.5% of the total soybean crush throughout Feb ’20, up slightly from the previous year, while oil accounted for 17.2% of the total soybean crush, down slightly from the previous year. Feb ’20 soybean oil produced as a percentage of total crush declined to a 21 month low level, finishing below historical average figures for the fifth consecutive month. Soybean Cake & Meal Stocks – Stocks Finish 50.5% Higher YOY Feb ’20 U.S. soybean cake & meal stocks increased 31.2% MOM and 50.5% YOY, finishing higher on a YOY basis for the first time in the past three months. The YOY increase in soybean cake & meal stocks was the largest experienced throughout the past 23 months on a percentage basis. The month-over-month increase in soybean cake & meal stocks of 31.2% was a contraseasonal move when compared to the three year January – February average seasonal decline in stocks of 9.0%. Feb ’20 soybean cake & meal stocks finished 13.2% above three year average seasonal levels, finishing higher for the first time in the past three months. Soybean Oil Stocks – Stocks Reach a 21 Month High Level, Finish up 13.3% YOY Feb ’20 U.S. soybean oil stocks increased 0.4% MOM to a 21 month high level, finishing 13.3% above previous year volumes. Soybean oil stocks had finished lower on a YOY basis throughout 11 consecutive months prior to finishing higher throughout each of the past three months. The month-over-month increase in soybean oil stocks of 0.4% was smaller than the three year January – February average seasonal build of 6.3%, however. Feb ’20 soybean oil stocks finished 6.7% above three year average seasonal levels, finishing higher for the fourth consecutive month.