EPA RIN Exemptions Trigger Sharp Rally in U.S. Grain Markets

Overview

• The EPA on Tuesday granted 18 full and 11 partial small refinery exemptions for 2025, exempting 1.76 billion renewable identification numbers and reallocating the difference to 2026 and 2027 RVOs.
• The announcement pushed soybean futures about 25 to 29 1/4 cents higher at midday and lifted soymeal and soy oil prices while corn reversed earlier losses to trade roughly 7 to 8 cents higher.
• Markets were also digesting USDA data that showed 1.496 million metric tons of corn inspected for export in the week of Aug. 27 and the Aug. 30 Crop Progress report that listed 62% of corn dented and soybeans 95% setting pods.
• Ongoing Black Sea shipping disruptions and Turkey's corridor proposal kept a risk premium on wheat, helping Chicago, Kansas City and Minneapolis contracts extend intraday gains as spring wheat harvest runs ahead of normal.
• Traders say the EPA move changes near‑term ethanol and soybean crush demand and they will watch the USDA monthly crush and upcoming WASDE reports for signals on how policy and harvest progress alter supplies and exports.