CBOT soybeans higher on strong soyoil prices, demand uptick
CHICAGO, Aug 22 (Reuters) - Chicago Board of Trade soybean futures rose further on Friday to a two-month peak as brisk weekly exports, hopes that China will revert to buying U.S. crop and a rally in soyoil offset supply pressure from favourable U.S. field conditions.
Soybeans rallied on Thursday as by-product soyoil BOv1 surged by nearly 5% after Reuters reported that the U.S. administration is poised to issue a ruling on requests by small oil refiners for biofuel exemptions.
Traders saw scope for authorities to reallocate biofuel obligations to larger refiners and thereby sustain demand for biofuel, which is made with feedstocks including soyoil.
Rumours that China was inquiring about U.S. soybeans lent further support, generating hope it could end months of ignoring U.S. supplies amid a trade war with Washington. Traders, however, said there were no clear signs of any purchases.
Crop scouts on the annual Pro Farmer Midwest crop tour calculated its highest pod count readings on record in Iowa and Minnesota, suggesting very strong harvest potential.
Pro Farmer will release its U.S. corn and soy crop forecast later on Friday, drawing from tour observations.
CBOT November soybeans SX25 settled 2-1/2 cents higher to $10.58-1/2 per bushel.
CBOT December soymeal SMZ25 fell $2.7 to $291.50 per short ton.
CBOT December soyoil BOZ25 rose 1.45 cents to settle at 55.32 cents per pound.
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