Global Ag News For Nov 14.2025

TOP HEADLINES

NOPA October US soybean crush estimated at record 209.522 million bushels

The U.S. soy crush likely ballooned to an all-time record in October as most processing plants resumed operations after seasonal maintenance downtime and as newly harvested soybeans flooded the market, according to analysts surveyed ahead of a National Oilseed Processors Association report due on Monday.

NOPA members, who represent more than 99% of all U.S. soybean processing capacity, were estimated to have crushed 209.522 million bushels last month, according to the average of estimates from nine analysts surveyed by Reuters.

If the crush estimate is realized, the total would be up 5.9% from a crush of 197.863 million bushels in September and up 4.8% from the October 2024 crush of 199.943 million bushels. It would also be the largest crush for any month on record, eclipsing the previous mark of 206.604 million bushels set in December 2024.

U.S. crush capacity has swelled in recent years as processors built new plants and expanded existing ones to meet rising vegetable oil demand from biofuels makers. NOPA membership has also grown to include more processing plants, further boosting crush figures in the group’s monthly report.

Crush estimates for October ranged from 197.400 million to 223.500 million bushels, with a median of 208.000 million bushels.

The report is scheduled for release at 11 a.m. CST (1700 GMT) on Monday.

Soyoil stocks held by NOPA members as of October 31 were projected at a three-month high of 1.257 billion pounds, based on estimates from six analysts.

The figure, if realized, would be up 1.1% from stocks totaling 1.243 billion pounds at the end of September and 17.0% above year-earlier stocks of 1.074 billion pounds.

Oil stocks estimates ranged from 1.220 billion to 1.325 billion pounds, with a median of 1.238 billion pounds.

 

FUTURES & WEATHER

Wheat prices overnight are up 3 1/2 in SRW, up 2 1/2 in HRW, up 0 in HRS; Corn is down 1/4; Soybeans up 1 1/4; Soymeal down $0.80; Soyoil up 0.23.

 

For the week so far wheat prices are up 12 1/2 in SRW, up 12 3/4 in HRW, up 1/9 in HRS; Corn is up 13; Soybeans up 34; Soymeal up $11.20; Soyoil up 0.88.

For the month to date wheat prices are up 7 1/4 in SRW, up 8 3/4 in HRW, up 1/9 in HRS; Corn is up 11 1/4; Soybeans up 33; Soymeal up $6.00; Soyoil up 1.72.

Year-To-Date nearby futures are down 2.1% in SRW, down 5.5% in HRW, down 4.3% in HRS; Corn is down 3.7%; Soybeans up 13.5%; Soymeal up 6.6%; Soyoil up 27.1%.

Chinese Ag futures (JAN 26) Soybeans up 60 yuan; Soymeal up 19; Soyoil up 10; Palm oil down 40; Corn up 2 — Malaysian Palm is unchanged.

Malaysian palm oil prices overnight were unchanged ringgit () at 4125.

There were changes in registrations (-20 HRW Wheat). Registration total: 34 SRW Wheat contracts; 124 Oats; 80 Corn; 1,131 Soybeans; 765 Soyoil; 338 Soymeal; 450 HRW Wheat.

Preliminary changes in futures Open Interest as of November 13 were: SRW Wheat down 1,902 contracts, HRW Wheat down 1,300, Corn up 35,080, Soybeans up 16,783, Soymeal down 1,861, Soyoil up 9,682.

 

La Nina to continue into the Northern Hemisphere winter, US CPC says

La Nina is favored to continue into the Northern Hemisphere winter, with a transition to El Nino-Southern Oscillation (ENSO) neutral most likely in January to March, the U.S. Climate Prediction Center said on Thursday.

“La Niña is expected to remain weak. A weak La Niña would be less likely to result in conventional winter impacts, though predictable signals could still influence the forecast guidance” the U.S. weather forecaster added.

 

Northern Plains: A front will move through on Friday and Saturday with limited showers and a drop in temperature. The storm frequency is forecast to increase next week with a couple moving through with better coverage of precipitation. With temperatures falling to more seasonable readings this weekend, it could mean some areas of snow next week.

Central/Southern Plains: Temperatures will remain above normal temperatures through the weekend. A system will move in early next week with areas of precipitation that will increase later in the week. Models are still working out the timing and coverage of precipitation, but could mean some snow in the north and strong winds. More systems will be possible afterward for the rest of the month as the pattern gets a bit more active.

Midwest: A system moving through Canada may bring some light showers through this weekend. Temperatures are rising and may be record-high ahead of that front. Temperatures will drop behind it. Another system is likely to bring showers to the region early next week with more being likely later in the week as the pattern gets more active for the second half of the month.

Delta: Water levels continue to be low on the Mississippi River, causing transportation restrictions. The region needs a more active weather pattern to lift water levels again. The pattern may become more active starting next week. We may not see enough precipitation to significantly raise water levels this month, but may be the start of a pattern that is more favorable over the winter.

Brazil: A front that has moved into the country is forecast to produce quite a bit of rain into the weekend. One more front will move into southern areas this weekend. With this front lifting northward into central Brazil early next week and stalling, that could be the start of some drier-than-normal conditions for southern Brazil after a very wet start to the growing season.

Argentina: Soil moisture is still really good across much of the country. One more front will move through this weekend with widespread showers, but the pattern may start to get drier afterward, with models insistent on fronts with less rainfall potential for the rest of November and into December. If the heat can start to increase as well, we could see a big turnaround in weather conditions for corn and soybeans going forward. The winter wheat crop has enjoyed enough good weather to produce a good crop, though the frequent rain has increased disease pressure.

Europe: Scattered showers continue across western areas for the rest of the week while a cold front moves down into the north with showers for this weekend. Cooler and wetter weather are in the forecast for next week. Weather conditions are still relatively favorable for winter wheat establishment throughout much of the continent as winter crops start to go dormant across the north.

Black Sea: Despite some showers this week, eastern areas are still dealing with rainfall deficits and drought for winter wheat establishment. More limited showers are forecast for next week, but the region needs more rain. Temperatures are still above normal, delaying dormancy for northern areas. With the limited soil moisture around, wheat is growing in poor soil moisture and dormancy would actually be favored. The region will need an active winter to have good wheat prospects for next year.

Australia: A system moving through eastern areas late this week and weekend could bring scattered showers, but many areas will be missed. Drier conditions are forecast there next week with showers increasing across the west. Mixed conditions are still found across the country. With winter wheat and canola continuing to mature and harvest beginning, there is little time for rain to be beneficial. After the harvest, cotton and sorghum planting will begin, but they need more rainfall.

 

The player sheet for 11/13 had funds: net buyers of 1,500 contracts of SRW wheat, buyers of 12,500 corn, buyers of 8,000 soybeans, buyers of 4,500 soymeal, and sellers of 2,000 soyoil.

TENDERS

• SOFT WHEAT, DURUM WHEAT PURCHASES: Tunisia’s state grains agency is believed to have purchased about 125,000 metric tons of soft wheat and about 100,000 tons of durum in an international tender for the same volumes on Thursday
• CORN PURCHASE: South Korea’s Feed Leaders Committee (FLC) purchased about 130,000 tons of animal feed corn to be sourced from optional origins in an international tender on Thursday
• CORN PURCHASE: Taiwan’s MFIG purchasing group bought about 65,000 tons of animal feed corn expected to be sourced from the United States in an international tender on Thursday
• FEED BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 tons of animal feed barley.
• RICE TENDER UPDATE: The lowest price offered in the international tender from Bangladesh’s state grains buyer to purchase 50,000 tons of rice was estimated at $354.19 a ton CIF liner out.

PENDING TENDERS

• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp issued international tenders to purchase an estimated 78,744 tons of rice to be sourced from China, Thailand and also from unrestricted optional origins, traders said. The deadline for submissions of price offers was November 5.
• WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy up to 120,000 tons of milling wheat that can be sourced from optional origins.
• RICE TENDER: Bangladesh’s state grains buyer issued another international tender to purchase 50,000 tons of rice.

 

 

 

TODAY

DOE: US Ethanol Stocks Fall 1.9% to 22.219M Bbl

According to the US Department of Energy’s weekly petroleum report.

• Analysts were expecting 22.633 mln bbl
• Plant production at 1.075m b/d, compared to survey avg of 1.102m

 

Brazil 2025-26 Soybean Crop Seen at 177.6M Tons: Conab

Output est. cut from 177.64m tons, Brazil’s national supply co. says in its monthly report.

• Analysts in a Bloomberg survey were expecting 179m tons
• Yield est. unchanged from last month at 3,620 kg/ha
• Area planted lowered to 49.063m ha vs 49.074m ha last month
• Corn production est. raised to 138.8m tons vs 138.6m tons
• Cotton production est. cut to 4.028m tons vs 4.031m tons

 

Weekly Export Sales Catch-up Schedule

USDA will release unpublished past Weekly Export Sales Reports based on the following schedule. All Export Sales reports will be published at 8:30 a.m. ET on the day of their release.

In addition, all Daily Sales under the Export Sales Reporting Program have not been published since September 30, 2025. USDA has compiled a list of Daily Sales reported by exporter companies for the timeframe October 1 through November 13, 2025, which will be released on Friday, November 14, 2025, at 12:00 noon ET.

Please note, these Daily Sales will be included in the appropriate weekly Export Sales Report. All Daily Sales submitted to USDA after 3:00 p.m. ET November 13, 2025, will be released the following business day at 9:00 a.m.  ET.

 

USDA’s National Agricultural Statistics Service (NASS) will release key data in November for the following reports:

• Milk Production – November 10, 2025 (previously scheduled for October 22, 2025)
• Crop Production – November 14, 2025 (previously scheduled for November 10, 2025)
• Cattle on Feed – November 21, 2025 (as previously scheduled)
• Milk Production – November 21, 2025 (as previously scheduled)
• The World Agricultural Outlook Board will release the World Agricultural Supply and Demand Estimates (WASDE) in conjunction with the Crop Production release on November 14th.

 

Brazil to reap record soy crop in 2025/2026, increase exports

Brazil’s Conab said the country will reap a record soybean crop of 177.6 million tons in the 2025/2026 harvest year, according to data released on Thursday.

The world’s largest soy producer and exporter is also expected to ship an unprecedented 112.1 million tons to China and other nations, up 5.11% from the previous crop year, the Conab crop agency added.

The U.S., one of Brazil’s main competitors along with Argentina, is expected to export less soy in the coming months.

“With the projected reduction in U.S. exports, the increase in global demand, and the expansion of Brazilian production, significant growth is estimated in Brazilian exports,” Conab said.

In addition, the expectation of an increase in the mandatory blending of biodiesel with diesel, as well as growing demand for vegetable protein, suggests that the volume of soybeans destined for crushing in the domestic market could reach 59.37 million tons in 2026.

Brazilian farmers are also likely to reap a large corn crop despite a projected fall of 5.4% in overall yields.

Brazil will harvest almost 139 million tons of corn in 2025/2026, a 1.6% drop from the previous crop year. Despite the slight fall in total projected corn production, Conab said farmers will increase the country’s corn area by 4% to 22.72 million hectares (56.142 million acres).

Brazil plants three corn crops each year, with second corn contributing the most output.

In the present crop year, Conab said Brazil’s production of second corn, which is planted after soybeans are harvested in the same areas, will be 110.46 million tons, reflecting strong yields and a 3.8% rise in planted area to 18 million hectares.

 

Argentina wheat harvest to set new record, exchange says

Argentina’s wheat harvest for the 2025/26 cycle is expected to reach a record 24 million metric tons, the Buenos Aires Grain Exchange said on Thursday, raising its forecast from last week’s estimate of 22 million tons, thanks to high yields as the harvest progresses.

• The forecast surpasses the current record of 22.4 million tons from the 2021/22 season.
• The Rosario Exchange on Wednesday also raised its wheat forecast to a record 24.5 million tons.
• Farmers have harvested 16.5% of the wheat area, with crops benefiting from above-normal rainfall during winter and spring.
• Argentina is a key global wheat exporter.
• Corn planting has reached 36.6% of 7.8 million hectares, with 76% of corn planted so far ranging from good to excellent condition, the Buenos Aires exchange said.
• For soybeans, planting is 12.9% complete, of 17.6 million hectares set to be planted.
• Argentina is the world’s third-largest corn exporter and the largest soy oil and meal supplier.

 

Indonesia’s Palm Oil Output Growth to Slow in 2026: Gapki

Indonesia’s crude palm oil production is expected to grow 3%-4% year-on-year in 2026, after rising 3%-7% this year, according to M. Fadhil Hasan, head of foreign affairs at the Indonesian Palm Oil Association, or Gapki.

• Production to reach 49.61m-51.54m tons in 2025, compared with 48.16m tons in 2024
• Exports projected to grow 6%-7% this year
• Domestic consumption estimated to grow 4.5% to reach 24.9m tons in 2025
• Palm oil prices would be between $1,050-$1,150 a ton until 1H 2026
• Favorable weather and newly harvested trees from replanting program contributed to this year’s production increase, he said

 

Palm Oil Output Growth Seen Flat in 2026 as La Niña Hits: CPOPC

Global palm oil production growth is expected to be flat next year due to a combination of La Niña, old trees, high fertilizer costs, and land seizures in Indonesia, according to an industry group.

• Output seen at ~82 million tons in 2026, around the same level as this year, said Chandran Gunalan, director of strategy and policy at the Council of Palm Oil Producing Countries
• Compares with 79m tons in 2024, he said in an interview on the sidelines of an industry conference in Bali on Thursday
• La Niña’s strength will be a key factor determining production
• Rising number of trees older than 25 years in Malaysia, as well as slow replanting rates in Indonesia, will curb supplies in the top growers
• Indonesian output seen ~50m tons next year, Malaysia’s ~20m tons
• Surging fertilizer costs over past couple of years have led to some farmers reducing its application, which may constrain yields
• There’s been little activity seen at plantations seized by Indonesia, putting estates at risk of becoming idle
• Elsewhere, Latin American output increasing due to expansions
  • Colombian output seen at 2m tons this year, up from 1.9m tons
• CPOPC officials have met with representatives from the EU parliament as well as European policymakers to discuss considerations for smallholders to make it easier for them to comply with the EUDR
• NOTE: CPOPC is an inter-governmental organization that represents 88% of global palm production; members include Indonesia, Malaysia, Papua New Guinea and Democratic Republic of Congo

 

Global palm oil output seen rising by 1.5 million tons in 2025/26, Godrej’s  Mistry says

Global palm oil production in the 2025/26 season is forecast to increase by 1.5 million metric tons, with output from the two major producers Indonesia and Malaysia seen increasing only slightly, leading industry analyst Dorab Mistry said on Friday.

He forecast benchmark palm oil futures on Bursa Malaysia could reach 5,500 ringgit per ton in the January-to-March quarter, maintaining his September outlook, if Indonesia continued to seize plantations and pushed on with plans for a higher mandatory biodiesel blend.

Indonesia plans to implement a 50% biodiesel blend, known as B50, in the second half of 2026. The government expects to start road tests for the fuel next month.

“If Indonesia goes to B50, there will be shortages of palm oil and prices will rocket,” Mistry, a director of Indian consumer goods firm Godrej International, told an industry conference in Bali.

The Indonesian government’s plantation seizures could pose a production problem next year, he said.

 

Indonesian Palm Faces Uncertain Future on Seizures, B50: Glenauk

Indonesia’s palm oil industry is facing an uncertain future due to the potential fallout from the government’s seizure of plantations and its expanded biofuel program, according to consultancy Glenauk Economics.

• Government policies are inadvertently reducing investment in palm oil, resulting in stagnant yields and output, Julian McGill, an agricultural economist and managing director at Glenauk, said at a conference in Bali
• Indonesia’s export taxes mean little upside for prices, which has dulled enthusiasm for the planting of new trees
• Uncertainty around land titles has added risk, also leading to a reduction in planting and the renewal of aging plantations
• “There is rightly concern over the disruption to the management of estates from land title issues,” McGill said
  • “The short-term impact we feel is exaggerated but long term it is a major threat to the future of the oil palm industry”
• Indonesia could increase its export levy to fund its B50 biodiesel mandate, but that could cut investment, output and exports
  • Using a flexible mandate to increase the blend could solve this cycle and help long-term energy security
• In the near term, palm oil output is set to tighten by the first quarter of next year, pushing up prices to around 4,300-4,400 ringgit a ton

 

Indonesia Palm Oil Output, Exports to Drop in 2026, Says Mielke

Palm oil production and exports from Indonesia are set to decline in 2026 due to government-led land seizures in the top grower, according to Thomas Mielke, a veteran analyst and executive director of Oil World.

• Output may drop to 49m tons in 2026, and decline further in 2027, with the full extent of losses in yields and production still uncertain, Mielke said at an industry conference in Bali; that compares with an estimated 49.4m tons in 2025
• Indonesian government seizing more than 1m ha of land is creating a “very high risk” of reduced yields, curbed production, and could contribute to a decline in exports, he said Friday
• Investments will be reduced, leading to less fertilizer application and planting activity
• Malaysian production likely to drop to 19.5m tons in 2026, from 19.86m tons in 2025
• Global palm oil output top drop to 84.17m tons in 2026, from 84.32m tons this year
• Slowdown in world palm oil exports is bullish for palm prices because other oils cannot fully compensate
• An important trigger and swing factor to watch will be the announcement of the US biofuel program, as it determines domestic use, prices, and export supply of US soy oil
• Soy oil exports set to decline by 1m tons in 2025-26, further tightening global vegetable oil supply
• Soy and palm oil prices are currently undervalued due to the potential global production deficit in 2026
• Palm oil prices seen reaching 5,000 ringgit in next 6 months, he said

 

Malaysia palm oil futures to recover to 4,300/4,400 ringgit/ton by Q1, Glenauk Economics says

Malaysian palm oil futures are expected to recover to 4,300–4,400 ringgit ($1,018-$1,042) per metric ton by the first quarter of next year as output tightens, Julian McGill, managing director and founder of advisory firm Glenauk Economics, said on Friday.

Favourable weather in 2025 in many regions, with almost no drought, has supported output, he told an industry conference in Bali.

 

Pakistan’s Edible Oil Imports Set to Expand 12% Y/y: Westbury

Pakistan’s edible oil imports are expected to climb 12% y/y to 3.4m tons-3.5m tons, according to Rasheed Janmohammed, chief executive officer of Westbury Group.

• In the coming months, Lunar New Year, Ramadan, and Eid Al-Fitr are set to drive an increase in demand, which will coincide with lower palm oil production expected through March
• Palm oil prices are seen trading at 4,100-4,300 ringgit/ton in Dec.-Jan., and 4,200-4,500 ringgit/ton in Jan.-March
• NOTE: Westbury are a major importer and processor of edible oils in Pakistan

 

French Corn Harvest 96% Done, Wheat Sowing at 89%: AgriMer

France’s corn harvest was 96% complete as of Monday, up from 91% in the previous week, and faster than the five-year average of 90% for this time of year, FranceAgriMer said on its website.

• Some 89% of the soft-wheat crop was planted as of Monday, up from 79% the previous week
  • That’s faster than the 76% at the same time last year and the five-year average of 83%
• The winter barley crop was 95% planted, compared with 87% the previous week and a five-year average of 91%
• The spring barley crop was 6% planted, compared with 1% the previous week and a five-year average of 3%
• Some 44% of the durum wheat crop was planted as of Monday, up from 23% the previous week

 

White House hosts oil, biofuel talks as Trump administration nears decision on refinery waivers

• White House meets refiners and biofuel producers over waiver disputes
• Talks include year-round E15 and waiver reforms
• Biofuel groups push for waived gallons to be made up

The White House this week held separate meetings with oil refiners and biofuel producers as it seeks to resolve a long-running dispute over billions of gallons of U.S. biofuel-blending requirements that were waived for small refineries, according to four sources familiar with the discussions.

The discussions signal the Trump administration is nearing a decision on whether larger refiners must make up for any of the waived gallons, a decision originally expected by the end of October but delayed by the government shutdown.

The outreach underscores the administration’s effort to balance the competing demands of two politically powerful constituencies — the oil industry, which says federal blending mandates threaten refinery jobs, and the farm belt, which argues the waivers have eroded demand for corn-based ethanol and other biofuels. The outcome could influence fuel prices, farm incomes and broader energy politics heading into next year.

The meetings, which included trade groups representing the largest U.S. refiners and biofuel companies, also touched on ways to make gasoline containing 15% ethanol, known as E15, available year-round. The administration could package that move with reforms to the small refinery waiver program to win support from both industries, the sources said.

The White House did not immediately respond to a request for comment.

Under the U.S. Renewable Fuel Standard, refiners must blend billions of gallons of biofuels into the nation’s fuel supply each year or buy compliance credits, known as RINs, from others that do. The law allows small refiners to apply for waivers, known as small refinery exemptions, if they can demonstrate economic hardship.

The Environmental Protection Agency has cleared a backlog of more than 180 small refinery exemption requests dating back to 2016 — a sweeping move that required the agency to propose a method to account for waived obligations. The EPA proposal said the agency will have waived blending obligations worth 2.18 billion RINs from 2023 through 2025.

Biofuel groups want non-exempt refiners to make up for the full 2.18 billion RINs to prevent reduced demand for renewable fuels, while refiners oppose reallocation, saying it would raise regulatory costs.

“We appreciate the administration’s leadership in bringing stakeholders together to advance a practical solution on E15 and small refinery exemption reform,” a spokesperson for the American Petroleum Institute said.

 

US to lower tariffs on some products from Ecuador, Argentina, Guatemala and El Salvador

The United States will remove tariffs on some food and other imports from Argentina, Ecuador, Guatemala and El Salvador under framework trade agreements announced on Thursday, a senior Trump administration official said.

The agreements are expected to help lower prices for coffee, bananas and other food stuffs, the official said, adding the administration expected retailers to pass on the positive effects to U.S. consumers.

The framework deals with most of the four countries should be finalized within the next two weeks, the official said.

 

Russia’s Novorossiysk grain terminal struck by drone debris, Interfax reports

Drone debris fell on a grain terminal at the Russian port of Novorossiisk but did not cause any critical damage, Interfax reported citing terminal operator Novorossiysk Grain Plant.

Russian air defence forces shot down or intercepted 216 Ukrainian drones overnight, the Defence Ministry said on Friday.

 

Spain orders to lock down all poultry due to risk of bird flu

Spain’s Agriculture Ministry ordered on Thursday to immediately lock down all poultry due to the risk of bird flu, it said in a statement.

The decision expands on measures announced last week, when Spain ordered poultry in designated high-risk areas to be kept indoors to curb the spread of bird flu.

It follows a rise in bird flu outbreaks across Europe, with 139 cases reported since July, and 14 in Spain, half of them in the Castille and Leon region.

“The measure has been taken following an increased risk of the disease entering Spain in the last week,” the ministry said in a statement.

The new order extends to all farms, including organic and small-scale producers, to prevent contact with migratory birds that could spread the virus. It also bans keeping ducks and geese with other poultry, using untreated surface water, and holding bird fairs or exhibitions.

 

RIN MARKET DYNAMICS AND POLICY SHIFTS: BOHO DIVERGENCE AND PENDING EPA DECISIONS

During the week of November 13, 2025, D4 and D5 RIN prices remained steady, averaging 102 and 100.5 cents per gallon, respectively. Meanwhile, D6 RIN swap prices edged up slightly from the previous week, reaching 100 cents per gallon. A notable shift in market dynamics is emerging: the BOHO spread is now declining more rapidly than D4 RIN prices, reversing the trend observed earlier this year. The BOHO-D4 RIN price divergence widened further this week, increasing from 25.23 to 30.16 cents per gallon. The BOHO spread, which reflects the difference between soybean oil (a key biodiesel feedstock) and heating oil (a diesel benchmark), serves as a proxy for biodiesel production margins. The recent drop in BOHO is primarily driven by falling soybean oil prices, attributed to increased global production. According to Reuters, Chicago soybean futures hit a 17-month high last Thursday, with the market facing oversupply due to weaker demand from China. On the other hand, the U.S. diesel market remains firm, supported by tight supply fundamentals, including rising domestic demand and inventory drawdowns amid reduced exports.

The EPA’s latest RIN generation report showed a 7% month-over-month increase in domestic D4 RIN generation in September. However, total RIN generation in 2025 has declined year-over-year, with 17 billion RINs generated so far, marking an 8% drop compared to the same period in 2024. This decline is largely attributed to policy uncertainty surrounding the Renewable Fuel Standard (RFS) and the implementation of the 45Z Clean Fuel Production Credit (CFPC). Over 45 U.S lawmakers, led by Senator Chuck Grassley have urged the EPA to finalize a rule that would limit RIN generation from imported renewable fuels and foreign feedstocks. This aligns with the 45Z credit’s emphasis on domestic feedstocks to bolster U.S. agriculture and rural economies.  Additionally, the American Soybean Association (ASA) and the National Oilseed Processors Association (NOPA) have jointly appealed to President Donald Trump, advocating for limiting RIN credit generation from foreign feedstocks and imported biofuels and finalization of EPA’s proposed 2026-2027 RVO (Renewable Volume Obligation). They have also asked for ensuring full reallocation of waived RVO volumes tied to SRE (Small Refinery Exemption). According to the EPA’s November 2025 update, a total of 135 SRE petitions were filed for compliance years 2021–2024. Of these, 33 were granted full exemptions and 65 received partial (50%) exemption. For compliance year 2025, 12 petitions have been filed and are currently under review.

 

 

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