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

• U.S. soybean crushings increased 9.4% on a YOY basis during Nov ’20, finishing higher for the 11^th time in the past 12 months.
• U.S. soybean cake & meal stocks declined on a YOY basis for just the second time in the past eight months during Nov ’20, finishing down 2.6%.
• U.S. soybean oil stocks remained higher on a YOY basis for the 11^th time in the past 12 months, finishing up 10.7%.

Additional Report Details Soybean Crushing – Crush Increases YOY for the 11^th Time in 12 Months, Finishes up 9.4% YOY According to the USDA, Nov ’20 U.S. soybean crushings increased 0.4% from the previous month while finishing 9.4% higher on a YOY basis. The YOY increase in soybean crushings was the 11^th experienced throughout the past 12 months. Nov ’20 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota. The 0.4% month-over-month increase in soybean crushings was a slight contraseasonal move when compared to the three year average October – November seasonal decline of 0.5%. Nov ’20 soybean crushings finished 8.9% above three year average seasonal figures. 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 5.7% on a YOY basis heading into the final month of the calendar year. Cake & meal accounted for 73.8% of the total soybean crush throughout Nov ’20, up slightly from the previous year, while oil accounted for 17.5% of the total soybean crush, also up slightly from the previous year. Nov ’20 soybean oil produced as a percentage of total crush declined from the 13 month high level experienced throughout the previous month but remained above historical average figures for the second consecutive month. Soybean Cake & Meal Stocks – Stocks Finish Lower YOY but Remain Above Three Year Average Levels Nov ’20 U.S. soybean cake & meal stocks increased to a five month high level but finished 2.6% lower on a YOY basis. The YOY decline in soybean cake & meal stocks was just the second experienced throughout the past eight months. The month-over-month increase in soybean cake & meal stocks of 21.1% was significantly larger than the three year average October – November seasonal increase in stocks of 0.7%. Despite finishing lower on a YOY basis, Nov ’20 soybean cake & meal stocks remained 15.7% above three year average seasonal levels. Soybean Oil Stocks – Stocks Remain Higher YOY for the 11^th Time in 12 Months, up 10.7% Nov ’20 U.S. soybean oil stocks rebounded seasonally to a four month high level while finishing 10.7% higher on a YOY basis. Soybean oil stocks had finished lower on a YOY basis throughout eight consecutive months through Nov ’19 prior to finishing higher throughout 11 of the past 12 months. The month-over-month increase in soybean oil stocks of 7.7% was significantly greater than the three year average October – November seasonal increase of 0.9%. Nov ’20 soybean oil stocks finished 12.7% above three year average seasonal levels, finishing higher for the 11^th time in the past 12 months.