CBOT soybeans rise on crude oil strength, weather uncertainty

CHICAGO, June 17 (Reuters) - Chicago Board of Trade soybean futures closed higher on Tuesday, supported by rising crude oil prices and uncertainty about Midwest crop weather in the weeks ahead, while soyoil prices eased following a sharp two-day rally tied to stronger U.S. biofuel blending mandates.

• CBOT July soybeans SN25 settled up 4-1/4 cents at $10.74 per bushel and new-crop November soybeans SX25 ended up 7-1/4 cents at $10.67-3/4.

• CBOT July soyoil BON25 fell 0.32 cent to close at 54.79 cents per pound.

• CBOT July soymeal SMN25 ended up $1.40 at $285.10 per short ton.

• Strength in energy markets supported corn and soybeans, given the crops' role in the production of biofuels. U.S. crude oil prices climbed 3.5% as the Iran-Israel conflict raged with no end in sight. O/R

• Some analysts cited uncertainty about crop prospects as supportive to soybean futures until traders can get a better idea of U.S. weather outlooks for July.

• The U.S. Department of Agriculture on Monday rated 66% of the U.S. soy crop as good to excellent, down from 68% the previous week, while analysts on average had expected no change.

• Traders continue to track developments concerning U.S. rules for blending biofuels. U.S. Senate Republicans proposed a tax bill on Monday that would extend a clean fuel tax credit through 2031 but trim 20% of the value of the credit for biofuels made from feedstocks produced outside the United States.

• A House bill passed in May also extends the tax credit, known as 45Z, through 2031 but bans most foreign feedstocks from being eligible for credits.

• The USDA confirmed private sales of 120,000 metric tons of U.S. new-crop soymeal to undisclosed destinations.