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US Biofuels Update: Soybean Futures Fall From Early September Highs, Soybean Oil Rebounds

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Biofuels feedstock futures closed lower on Wednesday amid a mild correction from early September highs.

The Chicago Board of Trade November soybean futures contract closed 0.51% lower at $13.09 per bushel, while the CBOT October soybean oil futures contract settled 0.18% lower at 70.57 cents per pound.

The Nymex October ethanol futures contract settled 1.20% lower on Tuesday at $2.05 per gallon.

Rhett Montgomery, a DTN analyst, said the traders are beginning to look toward Friday's release of the US Department of Agriculture's World Agricultural Supply and Demand Estimates monthly crop estimates.

"The soybean market continued in a sideways pattern through the week, unable yet to break above resistance in the $13.20 area for November futures but equally supported to the downside by continued impressive demand on the export market," Montgomery said.

The analyst noted that though futures were down on Wednesday, soybean oil has rebounded this week as well after falling off late last week.

USDA also announced on Wednesday sales of 340,000 metric tons of soybeans to China for delivery during the 2026/2027 marketing year.

Additionally, USDA announced sales of 100,000 mt of soybeans for delivery to unknown destinations during the 2026/2027 marketing year.

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