-- Biofuels feedstock futures closed higher on Wednesday, with soybean oil reaching contract highs, while soybean prices followed.
The Chicago Board of Trade July soybean futures contract closed 0.65% higher on Wednesday at $11.97 per bushel, while the CBOT July soybean oil futures contract settled 2.21% higher at 74.12 cents per pound.
On Tuesday, the June ethanol futures contract on the Nymex ended 0.87% lower at $1.99 per gallon.
US President Donald Trump reportedly plans to keep the US blockade in place, and as a result, crude futures jumped on Wednesday for the seventh time in the past eight sessions.
Rhett Montgomery, DTN analyst, said that fresh fundamental news was slim on Wednesday.
"Soybeans are likely getting a boost from another contract high in soybean oil futures. Crush premiums continue to expand and are closing in on all-time highs set in October of 2022," Montgomery said.
The analyst said market participants are closely watching Trump's upcoming visit to China in May. "With President Trump still on track to visit China in mid-May, it would appear the market's anxiety over the prolonged conflict with Iran has subsided at least temporarily," Montgomery said in a daily note.