Chicago Board of Trade soyabean futures rose on Friday, following a rally in the soyaoil market, traders said. Soyaoil gained 2.3 percent, hitting its highest since January 24. A US court said on Friday the US Environmental Protection Agency erred when setting standards for how much renewable fuel must be included in fuel sold in the United States and ordered the agency to try again, according to a court filing. The EPA had sought to lower the amount of biofuels that needed to be mixed into US fuel.
Soyameal futures fell as traders unwound long soyameal/short soyaoil spreads following the court's decision. Concerns about dryness in soya-growing areas of the US Midwest added strength to soyabeans.
Copyright Reuters, 2017
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