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US Biofuels Update: Soybean Futures Recover Losses, Soybean Oil Futures Reverse Higher

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Biofuels feedstock futures closed higher on Tuesday, with soybeans clawing back losses from the previous session.

The Chicago Board of Trade November soybean futures contract closed 1.10% higher at $12.37 3/4 per bushel, while the CBOT September soybean oil futures contract settled 0.58% higher at 67.52 cents per pound.

The Nymex October ethanol futures contract settled unchanged on Monday at $2.12 per gallon.

Rhett Montgomery, a DTN analyst, said soybean traders were relieved that China's criticism of US sanctions against Iran has not yet affected next month's US-China trade summit.

"The soybean market recovered nicely from Monday's selloff, which was sparked by the ProFarmer tour's record yield forecast for the US as well as a flare-up in anxiety over US-China relations amid the war with Iran," Montgomery said.

He added that, however, the November contract has now set lower highs and lower lows for three consecutive sessions.

The US Department of Agriculture reported on Tuesday that sales of 132,000 metric tons of US soybeans were made for delivery to unknown destinations during the 2026/2027 marketing year.

In USDA's Weekly Crop Progress Report on Monday, most states' good/excellent condition ratings across the soybean belt were steady to slightly worse, with top-producing Illinois not losing any good-to-excellent points but gaining in the poor and very poor categories.

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