CBOT soybeans set two-week peak as soyoil hits contract highs

CHICAGO, July 18 (Reuters) - Chicago Board of Trade soybean futures rose for a third consecutive session on Friday and set a two-week high on spillover support from contract highs in soyoil futures, analysts said.

• CBOT soyoil BOQ25 climbed to contract highs for a second consecutive day on expectations for strong U.S. demand due to government mandates for renewable fuels to be blended into the nation's fuel mix.

• U.S. biofuel makers will consume more than half of all soyoil produced in the United States next year, according to U.S. government estimates.

• Traders also monitored U.S. weather conditions amid concerns that temperatures may turn unfavorably hot for crops.

• August is the key month for weather to influence the size of the autumn soybean harvest.

• Temperatures will increase across the Corn Belt starting next week, weather forecaster Vaisala said. Heat stress is possible in southwestern areas but probably not across the heart of the region, the firm said.

• Technical buying helped support gains, traders said.

• New-crop CBOT November soybeans SX25 ended up 9-1/4 cents at $10.35-3/4 a bushel and hit the highest level since July 3. The contract rallied by 2.8% for the week.

• CBOT August soyoil BOQ25 set a contract high of 57.17 cents per pound before ending down 0.4 cent at 55.82 cents per pound.

• CBOT August soymeal SMQ25 jumped $5.30 to close at $274 per short ton. The market bounced after setting a contract low of $264.50 set on Tuesday.