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US Biofuels Update: Soybean Futures Race Past $13 per bushel, Soybean Oil Prices Follow

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Biofuels feedstock futures closed sharply higher on Tuesday, shooting to multi-year highs on weaker crop ratings, demand, and hot, dry crop weather.

The Chicago Board of Trade November soybean futures contract closed 2.31% higher at $13.17 3/4 per bushel, while the CBOT October soybean oil futures contract settled 2.29% higher at 72.45 cents per pound.

The Nymex October ethanol futures contract settled 1.59% higher on Tuesday at $2.07 per gallon.

Rhett Montgomery, a DTN analyst, said the market bulls continue to feast on the soybean complex.

"Soybeans led the way higher on Tuesday, with November futures racing past the $13 mark en route to a sixth straight higher close.

Soybean oil market anxiety was eased on Monday afternoon after the Environmental Protection Agency said that, despite 1.76 billion Renewable Identification Numbers being exempted from 2025 mandated volumes, the added exemptions will be offset by higher blending requirements for 2026 and 2027, the analyst said.

"Additionally, the soybean market was fueled by a drop in crop ratings in Monday's USDA update, with a hot two weeks on tap for the Midwest as well," Montgomery noted.

The US Department of Agriculture announced on Tuesday sales of 136,000 metric tons of soybeans for delivery to China during the 2026/2027 marketing year.

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