CBOT soybeans hit 3-week high, soyoil ends limit-up on US biofuels proposal
CHICAGO, June 13 (Reuters) - Chicago Board of Trade soybean futures hit a three-week top on Friday and soyoil futures surged their 3-cent daily limit after the Trump administration proposed biofuel blending requirements for 2026 and 2027 that were above trade expectations, analysts said.
CBOT July soybeans SN25 settled up 27-1/2 cents, or 2.6%, at $10.69-3/4 per bushel and new-crop November soybeans SX25 rose 27-1/2 cents to end at $10.54-3/4 a bushel.
CBOT soyoil futures 0#BO: closed up their daily 3-cent limit across the board, with the most-active July contract BON25 up 3 cents at 50.61 cents per pound. Traders said July futures were priced synthetically, through options, about half a cent higher at the close.
The CBOT said it would expand daily limits for soybean, soyoil and soymeal futures for Monday's trading session, with the soyoil limit widening to 4.5 cents per pound.
CBOT soymeal futures fell on oil/meal spreading, with July soymeal SMN25 finishing down $2.60 at $291.90 per short ton.
The soyoil rally was triggered after the U.S. Environmental Protection Agency proposed total biofuel blending volumes at 24.02 billion gallons in 2026 and 24.46 billion gallons in 2027, up from 22.33 billion gallons in 2025. The proposal also included measures to discourage biofuel imports.
"The knee-jerk reaction (to the EPA's proposal) is that domestically produced soybean oil is going to have to account for a much larger portion of feedstocks used in renewable diesel production in the U,S., going forward," said Randy Mittelstaedt, analyst with R.J. O'Brien.
Soybeans and soyoil drew early support from a jump in crude oil prices CLc1 after Israel conducted strikes on Iran.
Ahead of monthly U.S. soy crushing data due on Monday from the National Oilseed Processors Association, analysts surveyed by Reuters on average expected the trade group to report that its members crushed 193.519 million bushels of soybeans last month, up 1.7% from April and up 5.4% from May 2024.
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