US soybean futures rose to a near three-year high after a US renewable-fuel
waiver decision altered the outlook for biofuel demand. The EPA on Monday issued
1.76 bln small-refinery exemption credits for the 2025 compliance year — the
largest SRE issuance since 2017 — which lowers small refineries’ immediate
renewable-fuel blending obligations. The agency unexpectedly said it will
reallocate the gap between projected and actual 2025 waivers into 2026 and 2027
blending mandates, effectively postponing the lost biofuel demand to future
years and easing prior farmer concerns about a demand hit.