The June soybean crush totaled 142.473 million bushels, which beat analyst estimates of 141.478 m/b. This up 20% from last year and a record for June production. However, it is also down 4% from last month and has been lower in each of the past 3 months, indicating that the crush is slowing. 5.23% more soybeans have been crushed from September through June than had been crushed during the same time frame last year.

The current 4-month crush average is 13% higher than it was a year ago.  In order to meet the USDA’s annual crush estimate of 1.83 billion bushels, the crush will need to average 165.879 million bushels over the final two months of the season. Soybean oil stocks came in at 1.574 billion pounds, down 0.25% from last month and 14.8% less than what was in inventory at this time last year.