GRAINS-Soybeans hit three-month high on China and biofuel demand hopes
By Tom Polansek
CHICAGO, Feb 25 (Reuters) - Chicago Board of Trade soybean futures set a three-month high on Wednesday, buoyed by optimism over demand for U.S. biofuel production and exports to China, analysts said.
Wheat futures extended a pullback from an eight-month high on Monday, while corn futures edged higher.
The U.S. Environmental Protection Agency said it will send its proposal for new biofuel blending volume mandates to the White House, with an expected rule to be finalized by the end of March. Biofuel blending requirements are a primary driver of demand for soybean oil.
CBOT May soybean futures SK26 finished up 9-3/4 cents at $11.65 per bushel and set the highest level since November 19.
CBOT May soyoil BOK26 rose 0.17 cent to close at 60.67 cents per pound and set a contract high of 60.97 cents. May soymeal SMK26 soared $7.40 to $321.80 per short ton and reached the highest level since December 4.
TRADERS WATCH FOR CHINESE BUYING
Rumors of Chinese interest in U.S. soybean shipments from the Pacific Northwest supported price gains, CM Navigator analyst Donatas Jankauskas said.
"China is now back from the Lunar New Year holidays and traders are looking for signs of additional U.S. soybean purchases to justify the recent rally," Jankauskas said.
Traders initially expected that President Donald Trump's decision to introduce a global 10% tariff - and his pledge to increase that to 15% - would cool buying interest from China. But Beijing's measured response to Trump's actions and the end of China's holiday break maintained hopes for more demand, traders said.
Trump announced the 10% levy after his tariffs put in place in 2025 under an emergency economic statute were struck down by the U.S. Supreme Court on Friday.
"The market is expecting China to buy U.S. soybeans, which is supporting prices," said one oilseed trader in Singapore. "But we have to wait and see what will be the implication of the U.S. Supreme Court order."
In the wheat market, forecasts for rains in dry areas of the U.S. Plains weighed on prices, analysts said.
CBOT May wheat WK26 ended down 3-1/2 cents at $5.69-3/4 a bushel, while May corn CK26 closed 3-1/2 cents higher at $4.42 per bushel.
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