Biofuels Update: Chicago Soybeans Fall on Profit-Taking, Improving Weather Conditions

Chicago soybeans eased from six-week highs on Thursday as traders took profits and amid signs of improving weather conditions in the US Midwest, supporting soybean growing conditions. The August soybean contract on the Chicago Board of Trade dropped 0.46% to $11.88 per bushel in early trade. Meanwhile, the August soybean oil contract rose for a fifth straight session and firmed by a further 0.45% to 71.17 cents per pound, tracking gains in the global crude oil market. Soybeans diverged from energy price movements amid improving supply sentiment, as widespread rain showers in the Midwest this week temporarily limit temperatures. "Overall, this is still a good pattern for developing corn and soybeans in most of the region, though chances for heat should be monitored as corn starts to pollinate and soybeans are blooming," agriculture intelligence provider DTN said. Prices also rose despite reports from the US Department of Agriculture that China bought 472,000 metric tons of US soybeans for delivery in the current and the next marketing period. Mark Knight of Farmers Keeper Financial, as cited by Ag Web, said that more purchases will be needed to push prices up, as the market.