CBOT soybeans notch contract highs on demand, rising oil futures

New-crop November soybeans SX26 settled 2 cents higher at $12.68 per bushel.

CBOT September soymeal SMU26 ended $1.50 higher to $330.20 per short ton, while September soyoil BOU26 settled 0.78 higher to 68 cents per pound.

China's Sinograin sold 222,782 metric tons of imported soybeans on Wednesday, or 76.6% of the total volume, according to data from consultancy Mysteel.

• The sale was the state stockpiler's fifth soybean auction in less than a month, aimed at freeing up storage capacity for incoming U.S. cargoes.

Chicago Board of Trade soybean futures hit life-of-contract highs on Thursday on a run of Chinese demand and a rise in crude oil futures.

• Soybeans frequently track movements in crude oil as the oilseed is commonly used as a feedstock for biofuel.
• The U.S. Department of Agriculture on Thursday morning reported net export sales of new-crop U.S. soybeans in the week ended August 20 at 2,478,300 metric tons, in line with trade expectations for 1,500,000 to 3,000,000 tons.
• Industry groups raisd concerns about biofuel demand following reports that the White House has asked environmental regulators to allow the nation’s small oil refineries to blend less biofuels than initially projected.
• A coalition of U.S. farm and biofuel groups has urged President Donald Trump to reject a proposed expansion of exemptions from the nation's biofuel blending requirements, warning that a surge in waivers for small refineries would hurt rural America by undercutting demand for American crops and renewable fuels.