CBOT soy drops on profit taking following biofuels announcement
CHICAGO, March 27 (Reuters) - Chicago Board of Trade soybean futures fell on Friday on a round of profit-taking after the White House released revised biofuel targets early in the afternoon.
The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.
The news prompted profit-taking as many traders had already bought soybean futures expecting bullish news.
Soybean seedings this spring are expected to jump as some U.S. growers shift acres away from corn and wheat, which require more costly fertilizer, analysts said ahead of a U.S. government report due on Tuesday.
U.S. exporters sold 105,000 metric tons of soybeans to unknown destinations for 2025/26, the U.S. Department of Agriculture reported.
Investors have reacted cautiously to U.S. President Donald Trump's latest comments on talks to end the month-old Iran conflict.
Trump said on Thursday that talks to end the war were going "very well" and that he would delay threatened attacks on Iran's energy plants for another 10 days.
CBOT May soybeans SK26 settled 14-1/2 cents lower to $11.59-1/4 per bushel.
CBOT May soymeal SMK26 fell $6.8 to $315.30 per short ton.
CBOT May soyoil BOK26 fell 0.61 to end at 67.41 cents per pound.
