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

• U.S. soybean crushings increased 6.9% on a YOY basis during Apr ’20, remaining at a record high seasonal level for the fifth consecutive month.
• U.S. soybean cake & meal stocks finished 1.3% higher on a YOY basis during Apr ’20, increasing on a YOY basis for the second time in the past three months.
• U.S. soybean oil stocks finished 17.5% higher on a YOY basis during Apr ’20, reaching a 24 month high level, overall.

Additional Report Details Soybean Crushing – Crush Remains at a Record High Seasonal Level, Finishes up 6.9% YOY According to the USDA, Apr ’20 U.S. soybean crushings declined 1.4% from the record high level experienced throughout the previous month but remained 6.9% higher on a YOY basis, reaching a record high seasonal level. Soybean crushings have reached record high seasonal levels over five consecutive months through April. Apr ’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. The 1.4% MOM decline in soybean crushings was slightly smaller than the three year average March – April seasonal decline of 2.4%. 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 5.3% on a YOY basis throughout the first third of the calendar year. Cake & meal accounted for 73.4% of the total soybean crush throughout Apr ’20, up slightly from the previous year, while oil accounted for 17.3% of the total soybean crush, down slightly from the previous year. Apr ’20 soybean oil produced as a percentage of total crush remained above recently experienced 21 month low levels but finished below historical average figures for the seventh consecutive month. Soybean Cake & Meal Stocks – Stocks Finish 1.3% Higher YOY Apr ’20 U.S. soybean cake & meal stocks declined 7.3% MOM but finished 1.3% higher on a YOY basis, increasing on a YOY basis for the second time in the past three months. The month-over-month decline in soybean cake & meal stocks of 7.3% was largely consistent with the three year March – April average seasonal decline in stocks of 7.9%. Apr ’20 soybean cake & meal stocks finished 9.2% below three year average seasonal levels, however, finishing lower for the fourth time in the past five months. Soybean Oil Stocks – Stocks Reach a 24 Month High Level, Finish up 17.5% YOY Apr ’20 U.S. soybean oil stocks increased 15.0% MOM to a 24 month high level, finishing 17.5% above previous year volumes. Soybean oil stocks had finished lower on a YOY basis throughout eight consecutive months through Nov ’19 prior to finishing higher throughout four of the past five months. The month-over-month increase in soybean oil stocks of 15.0% was a contraseasonal move when compared to the three year March – April average seasonal decline of 0.9%. Apr ’20 soybean oil stocks finished 10.1% above three year average seasonal levels, finishing higher for the fourth time in the past five months.