As expected, the US Environmental Protection Agency (EPA) released its finalized Renewable Volume Obligations (RVOs) for 2026. Biomass-based diesel has been set at 8.86 billion RINs, while the target for 2027 is 8.95 billion RINs. This is significantly higher than the previously proposed levels of 7.12 and 7.5 billion RINs. After reallocating the small refinery exemptions, the target increases to 9.07 billion RINs for 2026 and 9.2 billion RINs for 2027. The EPA also announced that starting in 2028, foreign fuel and feedstocks will receive only 50% of the RIN value.

USDA reported a private export sale of 105,000 MT of soybeans to unknown destinations this morning. According to Export Sales data, total soybean export commitments stand at 37.256 MMT, which is 18% lower than the same period last year. This represents about 87% of the USDA export projection and is behind the average sales pace of 95%.

CFTC data showed that as of March 24, speculative funds trimmed 4,093 contracts from their net long position, bringing the total net long position in soybean futures and options to 197,904 contracts.

Ahead of the NASS March Intentions report to be released next Tuesday, traders expect soybean acreage to be around 85.55 million acres this spring. If realized, this would be an increase of about 4.33 million acres from last year. Soybean stocks as of March 1 are estimated at 2.067 billion bushels ahead of the Grain Stocks report, which would be about 158 million bushels higher than a year ago.