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🌾 EPA Small Refinery Exemptions: EPA granted full exemptions to 18 refineries and partial exemptions to 11 out of 34 petitions, covering 1.76 billion RINs for 2025. 📈 The agency plans to reallocate 100% of those credits to larger refiners in 2026-2027, sending soybean oil futures sharply higher.
🌍 Black Sea Grain Talks: Turkey has finalized a plan for safe Black Sea grain shipments and is in talks with both Russia and Ukraine. 📉 The hope for resumed exports pushed wheat futures lower, even as Russian airstrikes continued hitting Odesa and Kyiv overnight.
🚢 Grain Export Inspections: US corn export inspections hit a record high for the week at 1.5mmt, up 13% from the prior week. 📊 Soybean shipments disappointed at just 250,801mt (-42% week-over-week), while wheat came in near the top of expectations.
🌱 Crop Conditions Update: Corn conditions held steady at 57% good-to-excellent, but soybeans slipped for a fourth straight week to 58%. ✅ Spring wheat harvest is running way ahead of schedule at 77% complete, nearly finished in South Dakota and Washington.
💰 Soybean Flash Sale: USDA confirmed a flash sale of 159,000mt of soybeans to unknown destinations for 2026/2027 delivery. 🇨🇳 Notably, China was absent from last week's export inspection totals entirely.
🐄 Ranchers First Initiative: USDA unveiled a new program to rebuild the US cow herd, including a heifer retention insurance endorsement and $500 million for meat processing capacity. 🏛️ The plan also adds federal beef purchases for schools and hospitals, plus faster disaster relief access for ranchers.
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