CBOT soybeans turn higher as White House asks oil, biofuel producers to hash out deal

CHICAGO, March 27 (Reuters) - Chicago Board of Trade soybean futures turned higher on Thursday as the U.S. dollar weakened and traders positioned ahead of Monday's U.S. planting and stocks data from the U.S. Department of Agriculture, market analysts said.

• A Reuters News report that the Trump administration has asked oil and biofuels producers to hash out a deal on the next phase of the nation's biofuels policy also bolstered the soybean oil market and offered support to soybean futures, traders said.

• Big Oil and the Farm Belt's biofuels makers are traditional competitors for a share in the multibillion-dollar U.S. gasoline market. They have repeatedly fought over details of the U.S. Renewable Fuel Standard, a program that requires billions of gallons of corn-based ethanol and other biofuels to be blended into the country's fuel supply.

• CBOT May soybeans SK25 settled up 15-3/4 cents to $10.16-3/4 per bushel, after earlier touching the highest price since March 18.

• CBOT May soymeal SMK25 closed 90 cents higher at $294.50 per short ton and May soyoil BOK25 rose 1.63 cents to 44.27 cents per pound.

• The USDA reported a net 338,500 metric tons of U.S. soybean sales for the marketing year, on the low end of analyst expectations.

• The USDA's planting intentions report, due March 31, is expected to show U.S. farmers planning to plant 83.762 million acres of soybeans this year, down from 87.050 million acres planted in 2024, according to a Reuters poll of analysts.

• Some market analysts and traders said strength in the Brazilian soybean basis amid booming Chinese demand for its bumper harvest also gave Chicago soy markets a boost.

• Brazilian farmers are expected to reap a record 172.1 million metric tons of soybeans in the 2024/2025 season, agribusiness consultancy Agroconsult forecast on Thursday after a nationwide crop tour of 13 states that began in January.