US soybean futures prices hit their highest level in nearly three years, and the impact of renewable fuel exemptions announced by the US Trump administration was better than expected on biofuel demand. The US Environmental Protection Agency announced on Monday that it will issue a total of 1.76 billion carbon emission credits for the 2025 compliance year, the largest exemption small refineries have received since 2017. These credits can reduce the amount of renewable fuel they would otherwise need to produce. After the news was announced, Chicago soybean futures rose 1% on Tuesday, hitting the highest level since December 2023, before declining somewhat. Soybean oil prices rose more than 2.4% at one point, then declined slightly.

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