CBOT soybeans rally to end firm, soyoil falls as crude oil tumbles
CHICAGO, April 8 (Reuters) - Chicago Board of Trade soybean futures ended higher on Wednesday on export optimism ahead of U.S.-China talks next month, rallying from early pressure tied to a steep slide in crude oil futures, traders said.
CBOT May soybeans SK26 settled up 3-3/4 cents, or 0.3%, at $11.62 per bushel, bouncing after a drop to $11.40-1/2, the contract's lowest since February 20.
CBOT May soymeal SMK26 ended up $2.30, or 0.7%, at $314.10 per short ton.
CBOT May soyoil BOK26 tumbled, dragged down by crude oil, finishing down 2.30 cents, or 3.3%, at 67.42 cents per pound.
U.S. crude oil futures CLc1 plunged back below $100 per barrel after U.S. President Donald Trump agreed to a two-week ceasefire with Iran. O/R
Soyoil sometimes follows energy prices due to its role as a feedstock for biodiesel fuel.
But soybeans rallied on hopes that a mid-May meeting between Trump and Chinese President Xi Jinping could lead to renewed U.S. soybean export sales to China, by far the world's largest buyer of the oilseed.
Ahead of the U.S. Department of Agriculture's weekly export sales report on Thursday, traders expected the government to report U.S. soybean sales in the week ended April 2 at 200,000 to 600,000 tons.
Ahead of the USDA's supply/demand report, also due on Thursday, analysts surveyed by Reuters on average expected only modest changes in the government's forecasts for U.S. and global 2025/26 soybean ending stocks.
