By the end of July, the soybean meal stock at oil mills is expected to be around 1 million tons

Last week, the pace of accumulation of soybean meal inventories at oil mills accelerated, rising to nearly 900k tons. It is expected that during the last two weeks of July, oil mills’ operating rates will remain high, with weekly soybean crushing volume staying above 2.2 million tons. Soybean meal will continue the rapid inventory buildup trend. By the end of the month, soybean meal inventories may rise to around 1 million tons, up about 300 thousand tons month over month, year over year roughly flat, and down about 100 thousand tons versus the average of the same period over the past three years. (National Grain and Oils Information Center)
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