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FINWIRES

US Biofuels Update: Soybean Oil Futures Drop on Profit-Taking

-- Biofuels feedstock futures closed mixed on Friday, as traders took profits on the soybean oil market.

The Chicago Board of Trade May soybean futures contract closed 0.90% higher on Friday at $11.75 per bushel, while the CBOT May soybean oil futures contract settled 0.90% lower at 67.09 cents per pound.

On Thursday, the May ethanol futures contract on the Nymex ended 1.28% lower at $1.92 per gallon.

Rhett Montgomery, DTN analyst, said soybean futures were supported by a double-digit rally in soybean meal futures.

"The soybean meal move higher was credited to long meal/short oil spreading to close the week. In outside markets, crude oil futures traded marginally higher for a second straight session, with bullishness tempered ahead of weekend negotiations between the US and Iran in Pakistan," the analyst said.

Montgomery cited news reports that said only eight ships transited the Strait of Hormuz on Thursday, and only those carrying Iranian cargo, "which is surely to be a point of contention between the US and Iran as ceasefire negotiations continue.

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