Executive Summary U.S. soybean crush and stocks figures provided by USDA were recently updated with values spanning through Aug ’19. Highlights from the updated report include:

• Aug ’19 U.S. soybean crushings increased on a YOY basis for the second consecutive month, finishing up 4.7% to a five year seasonal high level.
• Aug ’19 U.S. soybean cake & meal stocks increased 7.0% YOY, reaching a five year seasonal high level. Soybean cake & meal stocks increased contraseasonally throughout the month.
• Aug ’19 U.S. soybean oil stocks declined to a 21 month low level, finishing 21.9% below previous year volumes and reaching a five year seasonal low.

Additional Report Details Soybean Crushing – Soybean Crush Finishes up 4.7% YOY to a Five Year Seasonal High Level According to USDA, Aug ’19 U.S. soybean crushings finished higher on a YOY basis for the second consecutive month, increasing 4.7% to a five year high seasonal level. Aug ’19 YOY increases in soybean crushings were largest throughout the North & East states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania and Virginia, followed by the North Central states of Michigan, Minnesota, North Dakota and South Dakota. Soybean crushings finished most significantly lower on a YOY basis throughout the state of Iowa during Aug ’19. 2018 annual soybean crushings increased 9.4% YOY, reaching a record annual high, however 2019 YTD soybean crushings remain down 0.5% YOY throughout the first two thirds of the calendar year, despite the recently experienced YOY increases. Cake & Meal accounted for 72.9% of the total soybean crush throughout Aug ’19, down slightly from the previous year, while oil accounted for 17.5% of the total soybean crush, up slightly from the previous year. Aug ’19 soybean oil produced as a percentage of total crush declined from the previous month but remained above historical average figures for the tenth time in the past 11 months. Soybean Cake & Meal Stocks – Stocks Increase 7.0% YOY, Reach a Five Year Seasonal High Level Aug ’19 U.S. soybean cake & meal stocks increased 11.4% MOM and 7.0% YOY, finishing higher on a YOY basis for the second time in the past three months and reaching a five year seasonal high level. The seasonal increase in soybean cake & meal stocks of 11.4% was a contraseasonal move when compared to the three year July – August seasonal average decline of 29.2%. Soybean Oil Stocks – Stocks Decline to a 21 Month Low, Finish Down 21.9% YOY Aug ’19 U.S. soybean oil stocks declined 12.9% MOM to a 21 month low level, finishing 21.9% below previous year volumes and reaching a five year seasonal low. The YOY decline in soybean oil stocks was the eighth experienced in a row and the largest experienced throughout the past four years on a percentage basis. The seasonal decline in soybean oil stocks of 12.9% was greater than the three year July – August seasonal average decline of 8.9%.