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US Biofuels Update: Soybean Futures Jump, Soybean Oil Prices Follow Crude Lower

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Biofuels feedstock futures closed mixed on Tuesday, with soybeans trading higher and soybean oil under pressure from deeper losses in the crude oil market.

The Chicago Board of Trade August soybean futures contract closed 0.23% higher at $12.11 1/4 per bushel, while the CBOT August soybean oil futures contract settled 0.88% lower at 70.83 cents per pound.

The Nymex September ethanol futures contract settled 0.77% lower on Monday at $1.94 per gallon.

September crude oil futures traded below $80 per barrel on Tuesday, as Iran and Oman use a pause in US strikes to negotiate a reopening of the Strait of Hormuz.

Rhett Montgomery, a DTN analyst, said the soybean market recovered slightly from Monday's steep drop, which eliminated most of last week's gains, to start the new week.

Futures were lifted by declining crop ratings in the US Department of Agriculture's Monday update, Montgomery said, noting, "but at the same time pressured by another energy-inspired drop in soybean oil futures as well as rainfall in the weekly forecast across the heart of the soybean belt."

USDA announced on Tuesday Private sales of 197,272 metric tons of corn for delivery to unknown destinations during the 2026/2027 marketing year.

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