Soybeans rise on oil rally, still on track for weekly loss
BEIJING: Chicago soybeans rose on Friday, buoyed by surging soyoil prices, but remain on track for a weekly loss amid uncertainty over US biofuel mandates, weak exports, and ample global supplies.
The most-active soybean contract on the Chicago Board of Trade (CBOT) climbed 0.74 per cent to US$10.50 per bushel, rebounding after two straight sessions of losses.
"Rising crude oil prices lifted soyoil prices by making biodiesel more attractive, boosting demand for soyoil as a key biofuel ingredient," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.
Oil prices jumped more than 7 per cent on , hitting their highest in months after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.
The US Environmental Protection Agency (EPA) on Friday is expected to propose lower than-anticipated biofuel blending mandates, four sources told Reuters. The news pushed soybean prices to a one-week low in the previous session.
Archer-Daniels-Midland, a key US soybean crusher and biofuel producer, cut bids for soybeans this week ahead of the EPA announcement.
Soybean futures also came under pressure from weak domestic cash markets, poor weekly export sales and abundant global supplies.
In top soy producer Brazil, crop agency Conab raised its estimate of the country's 2024/25 soybean harvest to 169.60 million metric tons, up from 168.34 million tons.
In Argentina, the world's third-largest producer, 2024/25 soybean harvest is now seen at 50.3 million tons, 300,000 tons above the prior forecast, the Buenos Aires Grain Exchange said on Thursday, citing better yields.
Wheat is headed for a weekly loss, weighed by soft export sales, seasonal harvest pressure and favourable crop conditions in the US and Russia.
"Global markets continue to slide in the face of sluggish demand around the globe," said Ole Houe, head of advisory services at IKON Commodities in Sydney.
"The groundwork for higher prices is there but the time frame is months rather than weeks, and before that can happen, we have to go through North Hemisphere harvest pressure."
Corn rose 0.74 per cent to US$4.41-4/8 a bushel, supported by a weaker dollar and
tighter stocks forecast
in a monthly US government crop report.
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