Soybeans Rallying on RVO News
Soybeans are trading with Friday midday gains of 24 to 27 cents at midday, following the bean oil market. The cmdtyView Cash Bean price is 25 1/2 cents higher to $10.20 1/4. Soymeal futures are down $1.80/ton, as Soy Oil is leading the charge for the complex with limit 3 cent gains. Bean oil is higher this morning, helped by the fresh EPA news and a stronger crude oil market, up $3.98/barrel following Israel strikes on Iran overnight.
The EPA released their RVO announcement this morning, proposing a 5.61 billion gallon limit for Biomass-based diesel, starting in 2026 (5.86 billion for 2027), which was well above the rumored totals from a couple weeks ago. They are also looking to cut RIN credits to half for imported feedstocks.
Export Sales data shows the US soybean export commitments at 48.713 MMT, which is 97% of the current USDA forecast and lags the 100% average sales pace. Shipments for the marketing year are 45.119 per the weekly report which is at 90% of the full year projection and matching the normal shipping pace.
Jul 25 Soybeans are at $10.68 3/4, up 26 1/2 cents,
Nearby Cash is at $10.20 1/4, up 25 1/2 cents,
Aug 25 Soybeans are at $10.66 3/4, up 25 3/4 cents,
Nov 25 Soybeans are at $10.51 1/2, up 24 1/4 cents,
New Crop Cash is at $9.95 3/4, up 23 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
