Soybean futures climbed above $12.8 per bushel to their highest level in almost three years after the Environmental Protection Agency granted 1.76 billion renewable fuel credits in small-refinery exemptions for the 2025 compliance year. The figure was nearly double the EPA's earlier estimate, but the agency plans to shift the difference between projected and actual exemptions into the 2026 and 2027 mandates, easing concerns that waivers would sharply reduce demand for crops used in biofuel production. Soybeans are a key biodiesel feedstock. Chinese buying has also supported the market, with U.S. exporters reporting several sales for 2026/27 delivery, including 333,000 metric tons on August 26 after purchases of 488,000 tons on August 3, 238,000 tons on August 7 and 244,000 tons on August 12. The EPA granted exemptions to 29 of 34 small-refinery petitioners, giving 18 full relief and 11 50% relief, and delayed the 2025 compliance deadline to October 1. It said it would restore 770 million RINs above its earlier 990 million estimate through supplemental 2026 and 2027 volumes.