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

• U.S. soybean crushings increased 5.0% on a YOY basis during Oct ’20, finishing higher for the tenth time in the past 11 months.
• U.S. soybean cake & meal stocks increased on a YOY basis for the sixth time in the past seven months during Oct ’20, finishing up 2.3%.
• U.S. soybean oil stocks remained higher on a YOY basis for the tenth time in the past 11 months, finishing up 6.3%.

Additional Report Details Soybean Crushing – Crush Increases YOY for the Tenth Time in 11 Months, Finishes up 5.0% YOY According to the USDA, Oct ’20 U.S. soybean crushings increased 11.2% from the previous month while finishing 5.0% higher on a YOY basis. The YOY increase in soybean crushings was the tenth experienced throughout the past 11 months. Oct ’20 YOY increases in soybean crushings were largest throughout the South, West and Pacific states of Alabama, Arkansas, California, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. The 11.2% month-over-month increase in soybean crushings was consistent with the three year average September – October seasonal increase of 11.1%. Oct ’20 soybean crushings finished 7.9% 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 5.3% on a YOY basis throughout the first ten months of the calendar year. Cake & meal accounted for 73.5% of the total soybean crush throughout Oct ’20, up slightly from the previous year, while oil accounted for 17.6% of the total soybean crush, also up slightly from the previous year. Oct ’20 soybean oil produced as a percentage of total crush rebounded to a 13 month high level, finishing above historical average figures for just the second time in the 13 month period. Soybean Cake & Meal Stocks – Stocks Remain Higher YOY for the Sixth Time in Seven Months, up 2.3% Oct ’20 U.S. soybean cake & meal stocks rebounded from the eight month low level experienced throughout the previous month while finishing 2.3% higher on a YOY basis. The YOY increase in soybean cake & meal stocks was the sixth experienced throughout the past seven months. The month-over-month increase in soybean cake & meal stocks of 9.6% was a contraseasonal move when compared to the three year average September – October seasonal decline in stocks of 9.4%. Despite finishing higher on a YOY basis, Oct ’20 soybean cake & meal stocks remained 5.2% below three year average seasonal levels. Soybean Oil Stocks – Stocks Remain Higher YOY for the Tenth Time in 11 Months, up 6.3% Oct ’20 U.S. soybean oil stocks rebounded seasonally from the 11 month low level experienced throughout the previous month while finishing 6.3% 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 ten of the past 11 months. The month-over-month increase in soybean oil stocks of 4.1% was greater than the three year average September – October seasonal increase of 0.4%. Oct ’20 soybean oil stocks finished 4.9% above three year average seasonal levels, finishing higher for the tenth time in the past 11 months.