CBOT soybeans soar to multi-year high after biofuels announcement
SOYB•Futures settle higher across soy complex
New-crop November soybeans SX26 settled 29-3/4 cents higher to $13.17 per bushel.
CBOT October soymeal SMV26 ended $7.10 higher to $345.70 per short ton, while December soyoil BOZ26 settled 1.51 cents higher to 72.63 cents per pound.
Soybeans hit highest level in more than two-and-a-half years
Chicago Board of Trade soybean futures hit their highest point in more than two-and-a-half years on Tuesday on a biofuels announcement the previous day that was regarded as bullish for the oilseed, along with continued Chinese purchases of U.S. soybeans and concerns over hot, dry weather damaging the U.S. soybean crop.
- The U.S. Environmental Protection Agency on Monday granted small refinery exemptions worth 1.76 billion renewable fuel credits for the 2025 compliance year and said it will propose reallocation of waived obligations to larger refiners in future years.
- Oil prices jumped about 4% to a one-week high on Tuesday as a resumption in fighting between the U.S. and Iran renewed fears of supply disruptions from the Middle East.
- The oilseed market often follows movements in crude oil because soybeans are commonly used as a feedstock for biofuel.
- Exporters sold 136,000 metric tons of U.S. soybeans to China, the USDA said.
- Uncertainty over U.S. yield potential supported prices after the USDA lowered its condition rating for the nation's soybean crop on Monday.
- Brazil's 2026/27 soybean crop is expected to reach a record 183.5 million metric tons, brokerage and consultancy StoneX said on Tuesday, raising its estimate from an August forecast of 183.1 million tons.
- StoneX said the upward revision was driven by higher yield expectations in Rio Grande do Sul state, where El Nino conditions tend to boost rainfall.
