CORRECTED-CBOT soybeans touch 20-month high, end lower on profit taking

CHICAGO, Feb 26 (Reuters) - Chicago Board of Trade soybean futures touched a 20-month peak on Thursday on an improving biofuel demand outlook, but closed lower on profit taking and worries about import purchases by China, analysts said.

• Soybean and soyoil futures rallied early in the session on expectations for increased demand from biofuel makers after the U.S. Environmental Protection Agency said on Wednesday that it will send its proposal for new biofuel blending volume mandates to the White House. News on Thursday that the U.S. government plans to reallocate at least 50% of exempted biofuel blending obligations to big refiners lent further support.

• Questions about soybean demand from top importer China amid tariff uncertainty and ahead of U.S. President Donald Trump's trip to the country this spring have kept the market on edge. Beijing on Wednesday warned that it would defend its interests if the U.S. insisted on advancing trade practices investigations or imposed further tariffs on its products.

• The Department of Agriculture said net U.S. soybean export sales in the week ended February 19 totaled 407,100 metric tons, at the low end of trade estimates and the second lowest week of sales in since the fall harvest.

• CBOT May soybeans SK26 settled 1-1/2 cents lower at $11.63-1/2 per bushel after peaking at $11.72-3/4 early in the session, the highest for a most-active contract Sv1 since mid-2024.

• CBOT May soyoil BOK26 ended 1.09 cents higher at 61.76 cents per pound and set a contract high of 61.99 cents.

• CBOT May soymeal SMK26 ended 90 cents lower at $320.90 per short ton.