Soybeans flat after two-month highs after US biofuel exemptions

Chicago soybeans were flat on Monday after hitting two-month highs on Friday, as dealers assessed exemptions granted to U.S. crude oil refiners for use of soy-based biofuels. Corn firmed after a crop tour forecast the U.S. harvest below estimates from the U.S. Department of Agriculture (USDA). Wheat rose on hopes of U.S. export sales with Black Sea prices robust. Chicago Board of Trade most-active soybeans were unchanged at $10.58-1/2 a bushel at 1150 GMT. Corn rose 0.7% to $4.14-3/4 a bushel, wheat gained 0.7% to $5.31-1/4 a bushel. The U.S. Environmental Protection Agency on Friday approved most backlogs of requests by small oil refineries for exemptions to compulsory biofuel use, raising concerns over reduced demand for renewable fuels often produced from soy. “Soybeans are slightly lower as the market assesses the impact of biofuel exemptions on soy demand,” said Matt Ammermann, StoneX commodity risk manager. “It seems the exemptions leaned a bit larger than expected, but ...