CBOT soybeans near 10-month high on demand expectations

CHICAGO, May 14 (Reuters) - Chicago Board of Trade soybean futures reached their highest level in nearly 10 months on Wednesday on expectations for increased demand for exports and use in biofuels, analysts said.

• Soybeans Sv1 advanced for five consecutive sessions in the most-active contract, supported this week by the 90-day pause in sky-high tariffs that Washington and Beijing had imposed on each other's goods.

• U.S. farmers hope that China, the world's biggest soybean importer, may buy American farm goods as part of trade negotiations. However, they have said that Brazil retains a competitive advantage for soybean sales to China.

• The U.S. Department of Agriculture on Thursday is expected to report weekly U.S. soybean export sales of 200,000 to 500,000 metric tons for 2024-25, according to analysts. They expect 2025-26 sales of 350,000 to 500,000 metric tons.

• The USDA on Monday surprised traders by issuing smaller-than-expected forecasts for domestic soy ending stocks in 2024-25 and 2025-26.

• U.S. House lawmakers unveiled a proposal on Monday to extend the clean fuel tax credit 45Z until December 31, 2031, which could sustain demand for soyoil as a feedstock for the expanding renewable diesel industry.

• A National Oilseed Processors Association report due on Thursday is expected to show the U.S. soybean crush slowed in April but still represented the highest-ever level for the fourth month of the year, analysts said.

• CBOT July soybeans SN25 finished up 5-1/4 cents at $10.77-3/4 per bushel. The most-active contract Sv1 earlier reached $10.82, the highest since July on a continuation chart.

• CBOT July soyoil BON25 rose 0.84 cent to 52.32 cents per pound and reached its highest level since 2023. CBOT July soymeal SMN25 dropped $1.40 to $291.90 per short ton.