Latest news with #soyoil
Zawya
3 days ago
- Business
- Zawya
Chicago soybeans flat on favourable weather, soyoil supports
BEIJING/PARIS - Chicago soybean futures were flat on Tuesday, torn between favourable U.S. crop weather and still strong soyoil prices despite a small fall after a sharp two-day rally, fuelled by surging crude oil and stronger U.S. biofuel blending mandates. The most-active soybean contract was unchanged at $10.69-3/4 per bushel, as of 1145 GMT. Soybeans had touched a one-month high and soyoil a 20-month high on Monday. Analysts said Iran-Israel tensions could add volatility to grain markets through energy price shocks. "At present eyes across all markets are on what is occurring in the Middle East," said Andrew Whitelaw, agricultural consultant at Episode 3. "The region is a huge contributor to the energy markets, and these markets have a huge impact on grain pricing levels." Soyoil dropped 0.3% at 54.95 cents per pound, as traders took profits, removing some support for soybeans. Soyoil is used to make biodiesel, and is therefore influenced by oil prices. These rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact. The oilseed also continues to face headwinds from weak demand, tariff uncertainty and global competition. Corn slipped 0.06% to $4.35 a bushel, pressured by beneficial weekend rains across key growing regions, including parts of the Plains and the northwest and southeastern Midwest. However, strong export data helped curb losses. U.S. corn inspections in the latest week reached about 1.67 million metric tons, at the high end of trade expectations. Weekly condition ratings for the country's corn crop also improved and were tied for the highest for this time of the season in several years, according to U.S. government data. Soybean ratings declined. rose 0.65% to $5.40 a bushel, though harvest pressure capped gains. The U.S. winter wheat harvest is expanding after a slow start. The USDA said the winter wheat crop was 10% harvested, up from 4% a week ago but behind the five-year average of 16%. Analysts on average had estimated harvest progress at 11%. In France , the farm ministry on Tuesday forecast a strong rebound of the country's 2025 winter barley and rapeseed production from rain-hit crops last season. Commodity funds were net buyers of Chicago Board of Trade soyoil futures contracts on Monday and net sellers of corn, soymeal, wheat and soybean futures, traders said. Prices at 1145 GMT Last Change Pct Move CBOT wheat 540.00 3.50 0.65 CBOT corn 435.00 0.25 0.06 CBOT soy 1069.75 0.00 0.00 Paris wheat 199.75 -0.50 -0.25 Paris maize 185.75 0.25 0.13 Paris rapeseed 490.00 1.00 0.20 Euro/dlr 1.16 0.00 0.03 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
Zawya
4 days ago
- Business
- Zawya
Soyoil around 18-month highs, grains fall on good crop weather
HAMBURG - Chicago soyoil hit its highest in around 18 months on Monday, supported by U.S. biofuel blending proposals that are likely to increase demand, while favourable U.S. weather conditions drove wheat and corn lower. Crude oil fell after renewed military strikes by Israel and Iran over the weekend left oil production and export facilities unaffected, easing concern about disruption of crude supplies. That removed some of the support for soybean prices, which tend to move in tandem with oil, that was seen on Friday. The larger-than-expected biofuel blend proposals, however, still supported the soy complex. The Chicago Board of Trade's most-active soyoil rose 5.7% to 53.50 cents per pound at 1131 GMT, around its highest since December 2023. Soyoil gains also pulled soybeans up 0.1% at $10.71-3/4 per bushel. Wheat fell 1.2% to $5.37-1/4 a bushel as the U.S. winter wheat harvest accelerates. Corn fell 1.1% to $4.39-1/2 a bushel, weakened by favourable weather forecasts for crop development in the U.S. corn belt. 'Soybeans and soyoil are being underpinned by the Trump administration's larger-than-expected biofuel blending proposals which would generate more demand for soyoil and so soybeans," said Matt Ammermann, StoneX commodity risk manager. "The Trump Administration is not known to be renewable energy-friendly, but the substantial increase could be intended to reduce the sting of the trade war with China, which has hugely damaged U.S. soy exports to China.' Traders await weekly crop ratings on Monday from the U.S. Department of Agriculture, with U.S. winter wheat harvesting accelerating, corn and soybean planting is finishing. 'Wheat and corn are weaker today as crop weather in the U.S. is looking very positive this week, with just the right mix of sunshine needed for the winter wheat harvest with a little rain needed for corn development,' said Ammermann. 'Other north hemisphere wheat crops are also looking good, especially in the Black Sea. This raises the prospects of extra competition from the Black Sea to exporters in the U.S. and other regions.'
Bloomberg
5 days ago
- Business
- Bloomberg
Palm Oil Jumps Above 4,000 Ringgit Mark to Track Soy Oil, Crude
Palm oil jumped above the 4,000 ringgit mark to track gains in soyoil, which surged on Washington's proposal to allow refiners to blend a record amount of biofuels into gasoline and diesel next year. The long-awaited plan that was unveiled by the Environmental Protection Agency on Friday aims to boost American biofuel production and deter imports. It would require refiners to mix arecord 24.02 billion gallons of biofuels into conventional diesel and gasoline. That's nearly 8% higher than the 2025 target and was more-than-expected by many analysts.
