Soybean futures continued to test the upper end of their recent consolidation range on Wednesday as the market shook off the recent tariff news. May soybeans traded more than a nickel higher, holding around $11.62 a bushel ahead of the afternoon.

U.S. soybeans continue to hold a large premium over their Brazilian competitor. There remains a lot of uncertainty in the market regarding China’s continued purchases of U.S. soy. So far, that uncertainty has favored the bull camp, as prices are only 15 cents below their November highs.

Soybean meal largely led the gains for the complex, with the May contract up about 2.5 percent. Demand for soybean meal has been strong, largely due to exports running at another record this season. Total exports and commitments are 10 percent higher than a year ago at 11.5 million metric tons, according to the latest USDA data.

The Environmental Protection Agency is expected to send its finalized Renewable Volume Obligations to the White House’s Budget Office today, according to the Renewable Fuels Association. That means the final RVOs could be released in early March, offering clarity on biofuel policy that companies have been waiting for.

Domestic soybean oil usage in biofuel production lagged compared to previous years in 2025, according to data from the Energy Information Administration. Current expectations point toward favorable blending mandates, which have soybean oil trading at contract highs.

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