CBOT soybeans reach 20-month high on demand optimism, rising soyoil

CHICAGO, Feb 27 (Reuters) - Chicago Board of Trade soybean futures scaled to a 20-month high on Friday on expectations for improving demand from biofuel makers and hopes for import purchases by China, analysts said.

• Soybean drew support from rising soyoil prices. Soyoil futures posted life-of-contract highs in all contracts on Friday as higher crude oil markets supported prices for the biofuel feedstock.

• The U.S. Environmental Protection Agency said this week that it will send its proposal for new biofuel blending volume mandates to the White House. Reuters also reported on Thursday that the government plans to reallocate at least 50% of exempted biofuel blending obligations to big refiners, which could boost demand for biofuels and feedstocks like soyoil.

• Traders are watching to see if China extends purchases of U.S. soybeans after a Supreme Court ruling against some U.S. tariffs prompted President Donald Trump to introduce other levies.

• CBOT May soybeans SK26 settled 7-1/4 cents higher at $11.70-3/4 per bushel after hitting the highest level for a most-active contract Sv1 since mid-2024. The contract was up 1.5% in the week, the fourth straight weekly gain.

• CBOT May soyoil BOK26 hit a contract high of 62.43 cents per pound and ended 0.09 cent higher at 61.85 cents per pound.

• CBOT May soymeal SMK26 ended 40 cents lower at $320.50 per short ton.