December soybean oil stocks surpassed 2.0 billion pounds
December soybean crush set a new record: NOPA members crushed an all-time high 186.4 million bushels last month, up from 179.5 million bushels in November and up 2 percent from December 2020.
USDA’s most recent soybean oil consumption data is for November and shows that domestic demand is robust, with over 1.17 billion pounds of refined soybean oil removed from stocks for use in edible applications, up 9.5 percent YOY. Use for biofuel production was likely at or higher than October’s volume of 832 million pounds—historically strong.
November’s high utilization prevented stocks from increasing from October, but stocks remained elevated YOY thanks to the atypical rise in oil stocks we saw during Jul-Oct 2021 and which continue to provide a notable margin to YOY growth. December soybean oil ending stocks increased seasonally, adding almost 200 million lbs to November’s level. At 2.03 billion pounds, crude soybean oil stocks were up 20 percent year on year.
Soybean crush by season
Soybean oil stocks by season
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