The USDA released the latest Fats and Oils report on Wednesday, which catches up oilseed crush data for September and October. U.S. processors crushed 205 million bushels of soybeans in September and a record 237.1 million bushels in October.

Combined crush for the first two months of the 2025/26 marketing year reached 442 million bushels, up nearly 10 percent year-over-year. Crushings need to average 213.3 million bushels every month to reach the USDA’s target of 2.555 billion bushels.

Record crushings for October were already presumed from last month’s data from the National Oilseed Processors Association, which represents about 99 percent of the U.S. crush industry. Weak export demand continues to incentivize domestic crush, which is expected to hit a record this season.

Additionally, relatively strong soybean meal export demand has helped crush margins as production surges. Soybean meal inventories at the end of October totaled 346,300 tons, up slightly from the previous month and 14 percent higher than a year ago.

Soybean oil inventories at the end of October totaled 1.781 billion pounds, up 2 percent from the previous month and 12 percent higher than a year ago. Soybean oil stocks had been recovering from multi-year low levels through the second half of the year amid record production and lower domestic demand for biofuels and exports.

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