Check our advice monitor at ProFarmer.com for updates to our marketing plan.
The American Soybean Association (ASA) is raising the alarm over reports that the government may issue far more small refinery waivers than expected for the 2025 Renewable Fuel Standard (RFS) year. Under a revised rule, these refinery exemptions could reportedly cover more than 1.8 billion biofuel credits (RINs)—nearly double what the EPA originally planned for in its latest target rules.
ASA said such a large increase in exemptions would slash demand for biomass-based diesel by around 500 million gallons, cost farmers approximately $1 billion in lost revenue and put refiner interests ahead of farmers..
- “At a time when soybean farmers are already struggling to support our farms, we cannot afford for the rug to be pulled out from under one of our most important sources of domestic demand,” said ASA Vice President Dave Walton, an Iowa soybean farmer. “The Trump Administration has been tirelessly supporting policies that expand markets for biofuels made from U.S. soybeans, and we cannot reverse course just as the biofuel industry is beginning to realize the benefits.”
Market recap: Corrective overnight weakness in the grain markets appeared to attract fresh fund buying on Tuesday, with December corn posting a contract-high close and soybean futures finishing solidly higher.
- December corn rose 8 cents to $5.23 ½ for a contract-high close.
- November soybeans rose 13 ½ cents to $12.37 ¾. September soybean meal finished unchanged at $320.30. September soybean oil rose 39 points to 67.52 cents after hitting a six-week low early on.
- September soft red winter wheat rose 3 ¾ cents to $6.85 ½. September hard red winter wheat added 4 cents to $7.54 ½. Spring wheat futures rose ¼ cent to $6.94
- December cotton futures fell 49 points to end at 88.34 cents near the daily high.
- October live cattle fell $2.65 to $210.95. November feeder cattle lost $5.275 to $305.70, both hit 8-month lows.
- October lean hog futures fell 67.5 cents to $80.45.
Canada strikes back: Canada hit back at the U.S. Tuesday with retaliatory tariffs on around $20 billion worth of goods, including steel, dairy products, appliances and farm equipment as the trade war between the two countries intensified. The Associated Press noted the tariffs reach beyond industrial goods, including everyday items including seafood, cheese, cosmetics and toilet paper, with duties in some cases topping 50%.
Canada’s retaliation came after the Trump administration imposed 50% tariffs over the weekend on Canadian goods following the collapse of trade negotiations, the report noted. Canadian Prime Minister Mark Carney accused Washington of trying to subordinate Canada and said U.S. demands during the failed talks showed that Americans wanted to “destroy our major industries.” Previous news reports have noted the possibility that Canada could impose tariffs on U.S. ethanol. Canada is the top market for U.S. ethanol exports.
China warning: Beijing warned the U.S. on Tuesday that it would retaliate if the Trump administration includes Chinese companies in any significant expansion of new secondary sanctions related to Iran. Measures announced Monday by Treasury Secretary Scott Bessent targeted Hong Kong- and mainland-based companies but stopped short of listing major Chinese financial institutions, the Financial Times noted. An increase in U.S. sanctions on China, which buys around 90% of Iranian crude, could upend a U.S.-China trade truce ahead of Chinese leader Xi Jinping’s scheduled U.S. visit next month.
- “China will take all necessary measures to firmly safeguard its rights and interests,” a Chinese foreign ministry spokesperson said on Tuesday in response to questions about US secondary sanctions on Iran, the FT reported. “China has made clear on many occasions its firm opposition to illicit unilateral sanctions that have no basis in international law or the authorisation of the UN Security Council.”
‘Dolly was a farmer…’: Tributes were pouring in after Dolly Parton’s death at the age of 80 was announced Tuesday in a video message by her nephew, Bryan Seaver. President Donald Trump said he would order U.S. flags to be lowered in tribute for the next week. The Empire State Building plans to turn its lights pink Tuesday night in her honor. Agricultural officials and others in the farming community mourned the passing of the country music legend, the daughter of a Tennessee tobacco farmer.
“Dolly represented everything we admire in Texas: faith, hard work, independence, generosity, grace, and never forgetting where you came from,” said Texas Agriculture Commissioner Sid Miller, in a statement. “She proved a country girl could conquer the world without ever losing touch with her kindness, her roots, or her people. Through her unstoppable charity, commitment to early childhood literacy, and endless generosity, Dolly truly loved her neighbor. She lifted rural America, inspired millions, and stood as a shining example of the American spirit.”
- In the family’s video message, Seaver underlined Parton’s roots: “Dolly was a farmer just like her daddy. He farmed the soil, she farmed songs and happiness.”
Read: Before Dolly Parton was a star, she was a Tennessee farm kid (AgWeb)