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

• U.S. soybean crushings increased 3.1% on a YOY basis during Jan ’20, reaching a record high seasonal level.
• U.S. soybean cake & meal stocks finished 20.5% lower on a YOY basis during Jan ’20, reaching a five year seasonal low level.
• U.S. soybean oil stocks finished 19.9% higher on a YOY basis during Jan ’20, reaching a five year high seasonal level.

Additional Report Details Soybean Crushing – Crush Reaches a Record High Seasonal Level, Finishes up 3.1% YOY According to USDA, Jan ’20 U.S. soybean crushings increased 3.1% on a YOY basis, reaching a record high seasonal level. The YOY increase in soybean crushings was the third experienced throughout the past four months. Jan ’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. 2019 annual soybean crushings finished 0.7% below the record high annual levels experienced throughout the previous year, despite the recently experienced YOY increases. Cake & meal accounted for 73.2% of the total soybean crush throughout Jan ’20, up slightly from the previous year, while oil accounted for 17.3% of the total soybean crush, down slightly from the previous year. Jan ’20 soybean oil produced as a percentage of total crush declined to a 20 month low level, finishing below historical average figures for the fourth consecutive month. Soybean Cake & Meal Stocks – Stocks Finish 20.5% Lower YOY, Reach a Five Year Seasonal Low Level Jan ’20 U.S. soybean cake & meal stocks declined 11.6% MOM and 20.5% YOY, finishing lower on a YOY basis for the fourth time in the past five months and reaching a five year seasonal low level. The month-over-month decline in soybean cake & meal stocks of 11.6% was consistent with the three year December – January average seasonal decline in stocks of 10.3%. Jan ’20 soybean cake & meal stocks finished 21.4% below three year average seasonal levels. Soybean Oil Stocks – Stocks Finish 19.9% Higher YOY, Reach a Five Year Seasonal High Level Jan ’20 U.S. soybean oil stocks increased 13.7% MOM to a 20 month high level while finishing 19.9% above previous year volumes and reaching a five year seasonal high level. Soybean oil stocks had finished lower on a YOY basis throughout 11 consecutive months prior to finishing higher throughout each of the past two months. The month-over-month increase in soybean oil stocks of 13.7% was consistent with the three year December – January average seasonal build of 12.6%. Jan ’20 soybean oil stocks finished 13.1% above three year average seasonal levels, finishing higher for the third consecutive month.