Key Takeaways:
EPA granted full or partial Small Refinery Exemptions to 29 of the 34 petitions under consideration, removing approximately 1.76 billion RINs from 2025 compliance obligations, roughly 770 million more RINs than EPA had previously anticipated. The larger exemption total does not necessarily translate into an equivalent loss of renewable fuel demand, as EPA intends to propose reallocating 100 percent of the difference between projected and actual 2025 exemptions into the 2026 and 2027 Renewable Volume Obligations. The SRE decision does not materially weaken the policy-driven demand outlook for soyoil as a biomass-based diesel feedstock. While the exact feedstock mix used to satisfy future obligations remains uncertain, realloc...
What You Need to Know Today: The U.S. dollar continued to strengthen Thursday as persistent inflation reinforced expectations for additional Federal Reserve interest rate hikes. Higher Treasury yields have helped support the dollar, potentially reducing the competitiveness of U.S. agricultural...
In yesterday’s WASDE, USDA reduced its overall red meat and poultry production forecast for 2026 as declines in beef and broiler output more than offset increases in pork and turkey production. Fourth-quarter beef production was revised downward because of slower fed cattle marketings and...
Key Takeaways: Dry bulk freight markets were stronger this week, but the rally was uneven and due to divergent dynamics across basins and vessel classes. Panamax markets were broadly higher, but Atlantic grain demand was primarily responsible while Asian activity was subdued. That trend...
