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CBOT soybeans drop as biofuel blending fears sink soyoil

Agriculture Online
 6 days ago

CHICAGO, June 11 (Reuters) - U.S. soybean futures fell sharply on Friday, led by plunging soyoil prices after Reuters reported that the White House was considering relief from biofuel blending laws for oil refiners, which could limit demand for soyoil. * Some crop-boosting rain in dry areas of the Midwest and northern Plains also triggered selling and profit-taking ahead of the weekend. * CBOT July soybeans ended down 35-1/2 cents at $15.08-1/2 a bushel. The contract was down 4.8% on the week, the sharpest weekly drop since mid-January. * New-crop November futures were down 20-3/4 cents at $14.38-3/4 a bushel. * CBOT July soymeal was $1.70 higher at $383.30 a ton. * CBOT July soyoil ended 3.48 cents lower at 66.98 cents per lb after spending much of the session down the daily 3.5-cent limit. Several other soyoil contracts were limit-down during the session but closed above the lows. (Reporting by Karl Plume; Editing by Leslie Adler)