The National Oilseed Processors Association (NOPA) reported that its processing members crushed 225 million bushels of soybeans in December, up 9 percent year-over-year. That was also the second-highest volume for any month. Total crushings for the marketing year that began on Sept. 1 rose to 866.5 million bushels, rising 11 percent year-over-year.

Soybean oil stocks at the end of the month totaled 1.642 billion pounds, up 33 percent from last year. U.S. soybean oil inventories have been building amid declining demand for biomass diesel production.

Soybean oil prices rebounded this past week, with March futures rising back above 50 cents a pound. Most of the move has been driven by speculative short covering, as there appears to be an unwillingness to hold shorts after prices regained ground above the key level.

Reuters reported that the Trump administration will likely issue finalized renewable volume obligations for 2026 and 2027 by early March. In June, the EPA proposed blending obligations of 5.61 billion gallons for bio-based diesel. However, the actual volumes could range from 5.2 to 5.6 billion gallons. Imported feedstocks may also not face a credit penalty that was in the initial proposal.

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