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

• U.S. soybean crushings increased 12.5% on a YOY basis during Jun ’20, remaining at a record high seasonal level for the seventh consecutive month.
• U.S. soybean cake & meal stocks finished 11.8% higher on a YOY basis during Jun ’20, reaching a record high seasonal level.
• U.S. soybean oil stocks remained higher on a YOY basis for the sixth time in the past seven months, finishing up 20.7%.

Additional Report Details Soybean Crushing – Crush Remains at a Record High Seasonal Level, Finishes up 12.5% YOY According to the USDA, Jun ’20 U.S. soybean crushings rebounded 2.0% from the previous month while finishing 12.5% higher on a YOY basis, reaching a record high seasonal level. Soybean crushings have reached record high seasonal levels over seven consecutive months through June. Jun ’20 YOY increases in soybean crushings were largest throughout the North Central states of Michigan, Minnesota, North Dakota and South Dakota, followed by Illinois. The 2.0% month-over-month increase in soybean crushings was a contraseasonal move when compared to the three year average May – June seasonal decline of 1.0%. 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 6.9% on a YOY basis throughout the first half of the calendar year. Cake & meal accounted for 73.4% of the total soybean crush throughout Jun ’20, up slightly from the previous year, while oil accounted for 17.4% of the total soybean crush, consistent with the previous year. Jun ’20 soybean oil produced as a percentage of total crush rebounded to an eight month high level but remained below historical average figures for the ninth consecutive month. Soybean Cake & Meal Stocks – Stocks Reach a Record High Seasonal Level, up 11.8% YOY Jun ’20 U.S. soybean cake & meal stocks declined 4.9% from the 14 month high level experienced throughout the previous month but remained 11.8% above previous year levels. The YOY increase in soybean cake & meal stocks was the third experienced in a row. Soybean cake & meal stocks finished at a record high seasonal level for the month of June. The month-over-month decline in soybean cake & meal stocks of 4.9% was a contraseasonal move when compared to the three year average May – June seasonal increase in stocks of 4.0%, however. Jun ’20 soybean cake & meal stocks finished 20.0% above three year average seasonal levels, finishing higher for the second consecutive month. Soybean Oil Stocks – Stocks Remain Higher YOY for the Sixth Time in Seven Months, up 20.7% Jun ’20 U.S. soybean oil stocks declined 6.0% from the previous month, reaching a six month low level but remaining 20.7% 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 six of the past seven months. The month-over-month decline in soybean oil stocks of 6.0% was larger than the three year average May – June seasonal decline of 3.8%. Jun ’20 soybean oil stocks finished 8.1% above three year average seasonal levels, finishing higher for the sixth time in the past seven months.