CBOT soybeans jump after updated biofuels guidance

CHICAGO, Feb 3 (Reuters) - Chicago Board of Trade soybean futures gained ground on Tuesday after the U.S. Department of the Treasury released much-awaited updated guidance on biofuel tax credits.

• Market players are continuing to parse through the Treasury's updated guidance on the 45Z Clean Fuel Production tax credit.

• The U.S. Treasury Department on Tuesday issued a proposed rule governing how biofuel makers can access a $1-per-gallon tax credit for low-carbon transportation fuels, including aviation fuel.

• Changes included allowing for low-carbon fuel produced with feedstocks grown in Canada and Mexico as well as tweaks to the methodology for calculating a feedstock's land use intensity.

• Biofuels are a major source of demand for soyoil, traders added.

• Brazil's soybean production is expected to reach 181.6 million metric tons in 2025/26, consultancy firm StoneX said on Monday, raising its outlook by 2.3% from a January projection.

• CBOT March soybeans SH26 settled 5-1/2 cents higher at $10.65-3/4 a bushel.

• CBOT March soymeal SMH26 closed $2.6 lower to end at $291.90 per short ton.

• CBOT March soyoil BOH26 rose 1.29 cents to end at 54.49 cents per pound.