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

• U.S. soybean crushings increased 8.5% on a YOY basis during May ’20, remaining at a record high seasonal level for the sixth consecutive month.
• U.S. soybean cake & meal stocks finished 60.0% higher on a YOY basis during May ’20, reaching a five year high seasonal level.
• U.S. soybean oil stocks finished 23.2% higher on a YOY basis during May ’20, reaching a four year high seasonal level.

Additional Report Details Soybean Crushing – Crush Remains at a Record High Seasonal Level, Finishes up 8.5% YOY According to the USDA, May ’20 U.S. soybean crushings declined 5.3% from the previous month but remained 8.5% higher on a YOY basis, reaching a record high seasonal level. Soybean crushings have reached record high seasonal levels over six consecutive months through May. May ’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 5.3% MOM decline in soybean crushings was greater than the three year average April – May seasonal decline of 2.6%. 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 5.9% on a YOY basis throughout the first five months of the calendar year. Cake & meal accounted for 73.7% of the total soybean crush throughout May ’20, consistent with the previous year, while oil accounted for 17.3% of the total soybean crush, down slightly from the previous year. May ’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 eighth consecutive month. Soybean Cake & Meal Stocks – Stocks Reach a 14 Month High Level, Finish up 60.0% YOY May ’20 U.S. soybean cake & meal stocks increased 29.4% MOM, reaching a 14 month high level and finishing 60.0% above previous year levels. The YOY increase in soybean cake & meal stocks was the third experienced throughout the past four months. Soybean cake & meal stocks finished at a five year seasonal high level for the month of May. The month-over-month increase in soybean cake & meal stocks of 29.4% was a contraseasonal move when compared to the three year average April – May seasonal decline in stocks of 8.1%. May ’20 soybean cake & meal stocks finished 27.2% above three year average seasonal levels, finishing higher for the first time in the past three months. Soybean Oil Stocks – Stocks Remain Higher on a YOY Basis for the Fifth Time in Six Months, up 23.2% May ’20 U.S. soybean oil stocks declined 7.9% MOM from the two year high level experienced throughout the previous month but remained 23.2% 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 five of the past six months. Soybean oil stocks finished at a four year seasonal high level for the month of May. The month-over-month decline in soybean oil stocks of 7.9% was consistent with the three year average April – May seasonal decline of 7.8%. May ’20 soybean oil stocks finished 10.7% above three year average seasonal levels, finishing higher for the fifth time in the past six months.