- US soybean crush in November 2025 reached 6.0 million tonnes, missing expectations and down from October’s 6.43 million tonnes.
- Despite the monthly decline, September–November 2025 soybean crush rose 8.6% year-on-year to 18.1 million tonnes.
- Reduced US crush in November implies slightly tighter soymeal and soyoil supplies, which is Neutral to Slightly Bullish for Black Sea soymeal export prospects.
US Soybean Crushing Overview
US soybean crushing volumes in November 2025 totaled 6.0 million tonnes, according to Census data reported by Oil World. This figure came in below market expectations and was lower than October’s 6.43 million tonnes, indicating a 6.7% month-on-month decline. However, November 2025 crush remained above the 5.7 million tonnes processed in November 2024, reflecting ongoing strength in underlying demand versus last year.
For the September–November 2025 period, cumulative soybean crushing reached 18.1 million tonnes, up 8.6% from 16.67 million tonnes in the same period of 2024. Total crushing of the four main oilseeds in the US stood at an estimated 6.3 million tonnes in November (versus 6.05 million tonnes a year earlier) and 18.86 million tonnes for September–November (compared with 17.59 million tonnes a year before).
US Oilseed Crushing Data Summary
| Period | Category | 2024 (million tonnes) | 2025 (million tonnes) | Change (million tonnes) | Change (%) |
|---|---|---|---|---|---|
| November | Soybean crush | 5.7 | 6.0 | +0.3 | +5.3% |
| October vs November 2025 | Soybean crush | 6.43 (Oct 2025) | 6.0 (Nov 2025) | -0.43 | -6.7% |
| Sep–Nov | Soybean crush | 16.67 | 18.1 | +1.43 | +8.6% |
| November | 4 main oilseeds total crush | 6.05 | 6.3 | +0.25 | +4.1% |
| Sep–Nov | 4 main oilseeds total crush | 17.59 | 18.86 | +1.27 | +7.2% |
Market Impact and Black Sea Implications
The weaker-than-expected US soybean crush in November suggests reduced output of soymeal and soyoil versus earlier projections, implying a temporary tightening of domestic supplies. For international markets, this is Neutral to Slightly Bullish for soymeal, as importers may look more actively at alternative origins, including the Black Sea, to cover short-term protein demand.
At the same time, the strong year-on-year increase in cumulative crush from September to November underlines robust US industrial demand, which limits the scope for a major shift in global trade flows. Black Sea soybean and soymeal traders should watch upcoming December data closely to see whether November marks the start of a more sustained slowdown in US processing or remains a one-off dip in an otherwise firm crushing trend.
Source: Market Data
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