CBOT soybeans climb above USD 12 a bushel on export sales, surge in soyoil

CHICAGO: Chicago Board of Trade soybean futures climbed back above USD 12 per bushel on Friday on fresh export demand for US supplies and as soyoil soared to a six-week top on rising demand for the biofuel feedstock, analysts said.

Front-month CBOT August soybeans settled up 9-1/2 cents, or 0.8 percent, at USD 12.04-1/2 per bushel.

Most-active CBOT November soybeans ended up 8 cents, or 0.7 percent, at USD 12.03 per bushel.

CBOT August soyoil rose 2.38 cents, or 3.3 percent, to 74.81 cents per pound, after reaching its highest level since June 5.

CBOT August soymeal ended lower on oil/meal spreading, settling down USD 2.70, or 0.8 percent, at USD 320.20 per short ton.

The US Department of Agriculture confirmed private sales of 340,000 metric tons of US 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 US soyoil stocks in June to an eight-month low.

After a week of searing heat in the US Midwest crop belt, some analysts expect the USDA to lower its weekly soy and corn condition ratings on Monday.

However, forecasts called for less-threatening temperatures next week and chances for rain, particularly in the eastern Midwest.

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.