Soybeans end a run on disappointing US biofuel volumes

By Rod Nickel

WINNIPEG, Manitoba (Reuters) – Chicago soybeans fell on Thursday, snapping five days of gains as soybean oil fell.

Wheat fell on disappointing export sales, while weakness in soybeans dragged down corn.

The most active soybean contract fell 39.75 cents, or 2.7%, to $14.2975 a bushel, its highest since Sept. 21 on Wednesday.

December soybean oil fell 9%. Most active contracts have declined from their daily range.

The U.S. Environmental Protection Agency has proposed smaller increases in the amount of ethanol and other biofuels that oil refineries must blend into their fuels over the next three years than traders expect.

“Renewable diesel production, which can be made from soybean oil, is increasing, but not at the unrealistic pace that fund managers expect,” said Arlan Suderman, chief commodities economist at StoneX.

Wheat was down 12.50 cents at $7.83 a bushel and corn was down 6.50 cents at $6.605 a bushel amid stiff competition from Russian and Black Sea supplies.