CBOT soyoil futures end limit-up, again, on US biofuels proposal

CHICAGO, June 16 (Reuters) - Chicago Board of Trade soybean futures closed steady to higher on Monday as soyoil futures BOv1 rose their daily limit for a second straight session, supported by U.S. biofuel blending proposals announced last week that are likely to increase soyoil demand, traders said.

• Traders continue to digest the U.S. Environmental Protection Agency's larger-than-expected biofuel blending proposals for 2026 and 2027, which were released on Friday and ignited a rally in soyoil. The proposal also included measures to discourage biofuel imports.

• However, benign U.S. crop weather signaled strong harvest prospects that kept a lid on CBOT soybean futures.

• CBOT July soybean futures SN25 settled unchanged at $10.69-3/4 per bushel, easing after recording a one-month high at $10.79-1/4. New-crop November soybeans SX25 settled up 5-3/4 cents at $10.60-1/2.

• CBOT July soyoil BON25 closed up its expanded daily limit of 4.5 cents at 55.11 cents per pound.

• The CBOT said daily limits would remain at expanded levels for Tuesday's trading session.

• CBOT soymeal futures fell on expectations that demand for soyoil would boost the pace of soy crushing, generating surplus meal supplies. July soymeal SMN25 finshed down $8.20 at $283.70 per short ton after hitting a contract low at $289.70.

• The National Oilseed Processors Association said its U.S. members processed 192.829 million bushels of soybeans last month, slightly below trade expectations but the largest May crush ever and the eighth-largest for any month on record.

• NOPA said soyoil stocks among its members as of May 31 fell to 1.373 billion pounds, a bigger drop than most analysts expected.

• Ahead a weekly crop progress report due later on Monday from the U.S. Department of Agriculture, analysts surveyed by Reuters on average expected the government to rate 68% of the U.S. soybean crop in good to excellent condition, unchanged from last week.

• The USDA reported export inspections of U.S. soybeans in the latest week at 215,803 metric tons, in line with trade expectations for 175,000 to 450,000 tons.