Oilseed markets strengthened sharply after the US Environmental Protection Agency granted 29 small-refinery exemptions covering 1.76 billion RINs, while reallocating the related 2025 obligation to 2026–2027. The decision reduced uncertainty over future biofuel demand and supported soybean, soybean oil and canola prices.
December soybean oil futures rose 2.3% to $1,600/t, gaining 7% during the week and 6.7% over the month. November soybean futures increased 2.2% to $484.3/t, reaching their highest level since late 2023. US soybean processing rose 1.9% month-on-month in July to 6.04 million tonnes, while soybean oil stocks fell 6.4% to 891,000 tonnes.
November canola futures in Winnipeg climbed 3.2% to CAD 841/t ($587/t), a three-year high, despite Agriculture and Agri-Food Canada raising its production estimate by 600,000 tonnes to 21.6 million tonnes. Rain-delayed harvesting in the Canadian Prairies remains a concern.
Paris November rapeseed futures gained 2.3% to €556.75/t. Higher crude oil prices and stronger canola are providing near-term support to European rapeseed values, although upcoming harvest data and seasonal supply could increase volatility.