CBOT soybeans climb above $12 a bushel on export sales, surge in soyoil
DBA•Brazil crop outlook
Brazil's 2026/27 soybean crop is expected to total 180.1 million metric tons, up from 178.3 million tons in the previous season, consultancy Safras & Mercado said.
Soybeans rise on export demand and stronger soyoil
Chicago Board of Trade soybean futures climbed back above $12 per bushel on Friday on fresh export demand for U.S. supplies and as soyoil soared to a six-week top on rising demand for the biofuel feedstock, analysts said.
- Front-month CBOT August soybeans SQ26 settled up 9-1/2 cents, or 0.8%, at $12.04-1/2 per bushel.
- Most-active CBOT November soybeans SX26 ended up 8 cents, or 0.7%, at $12.03 per bushel.
- CBOT August soyoil BOQ6 rose 2.38 cents, or 3.3%, to 74.81 cents per pound, after reaching its highest level since June 5.
- CBOT August soymeal SMQ26 ended lower on oil/meal spreading, settling down $2.70, or 0.8%, at $320.20 per short ton.
Export sales, tariffs and crop-weather outlook support prices
The U.S. Department of Agriculture confirmed private sales of 340,000 metric tons of U.S. soybeans to China, as well as 110,000 tons to undisclosed destinations and 256,634 tons to Mexico.
CBOT soyoil futures climbed on tightening stocks and strong usage prospects after Washington announced new tariffs this week on imports of Brazilian goods, including beef tallow, which competes with soyoil as a feedstock for biodiesel.
Traders also noted monthly data released on Wednesday by the National Oilseed Processors Association showing a drawdown in U.S. soyoil stocks in June to an eight-month low.
After a week of searing heat in the U.S. Midwest crop belt, some analysts expect the USDA to lower its weekly soy and corn condition ratings on Monday.
