CBOT soybeans retreat after touching three-month high

CHICAGO, Feb 18 (Reuters) - Chicago Board of Trade soybean futures ended lower on Wednesday as the market pulled back after a strong U.S. crushing pace and hopes for more Chinese buying pushed prices to a three-month high, analysts said.

• Larger-than-expected U.S. soybean crushings last month fueled expectations among traders that the U.S. Department of Agriculture may need to tighten its carryover outlook.

• The crush in January reached its highest level on record for the first month of the year, while soyoil stocks ballooned to their highest level since April 2023, according to National Oilseed Processors Association data issued on Tuesday.

• Soybeans futures rallied after President Donald Trump said earlier this month that top importer China was considering buying an additional 8 million metric tons of U.S. supplies. A press report said Trump and Chinese President Xi Jinping could extend their countries' trade truce for up to a year.

• Soyoil futures advanced after Reuters reported that sources said the U.S. Environmental Protection Agency was expected to submit proposed biofuel blending quotas for 2026 to the White House this week for final review.

• The anticipated quotas kept attention on the prospect for increased biofuel blending requirements, a major source of demand for soyoil.

• CBOT March soybeans SH26 closed 1/2 cent lower at $11.33-1/2 per bushel. The most-active contract Sv1 earlier reached the highest level since November 18.

• CBOT March soyoil BOH26 climbed 1.3 cents to finish at 58.59 cents per pound and earlier reached a contract high at 58.99 cents.

• CBOT March soymeal SMH26 fell $1.90 to end at $303.90 per short ton.

• On Thursday, the U.S. Department of Agriculture is slated to issue U.S. plantings estimates at an annual conference.