Biofuels Update: Chicago Soybeans Slip but Head for Weekly Gain

Chicago soybeans eased further on Friday ahead of the US Department of Agriculture's supply and demand report, although futures were on track for a 3.5% weekly gain supported by Chinese purchases. The August soybean contract on the Chicago Board of Trade fell 0.06% to $11.77 per bushel in early trade. The corresponding August soybean oil contract gained 0.43% to 70.22 cents per pound, as crude oil prices continued to rise. The USDA confirmed another 136,000 metric tons of soybean sales to China on Thursday, following a 472,000 mt sale reported the previous day. The US also sold 120,000 mt of soybeans to unknown destinations, according to the agency. Additionally, Chinese grain trader Cofco reportedly purchased at least 10 US soybean cargoes, equivalent to around 600,000 mt. US offers remain at a premium to Brazilian cargoes by around $0.10 to $0.20 per bushel, according to ADM Investor Services. The market is now awaiting the USDA's monthly supply and demand report for guidance, price reporting agency MySteel said, with analysts expecting 2026/27 soybean production outlook to increase to about 4.46 billion bushels from the previous forecast of 4.44 billion bushels. In Asia,.