Takeaway

The EPA has proposed two options to reallocate 770 million RINs stemming from 2025 small refinery exemptions (SREs), targeting reallocation across 2026 and 2027 with comments open through December 4. Separately, the USDA is pressing states on a December 3 deadline regarding wolf endangered species reviews to aid cattle ranchers, while agricultural economists lean toward partial upfront pricing for 2027 crop fertilizer needs.

What the presenter said

• EPA Administrator Lee Zeldin proposed a revision to renewable volume obligations (blending requirements) on Tuesday morning [00:03].
• Two reallocation plans are under consideration for 770 million RINs tied to the 2025 small refinery exemptions announced in late August [00:11, 00:16].
• Reallocation options comprise splitting the RINs between 2026 and 2027, or reallocating the full balance directly to 2027 [00:23, 00:29].
• The EPA public comment window on the RVO proposal runs until December 4; ethanol stakeholders are reportedly pleased with the reallocation plan [00:34, 00:37].
• The USDA is directing states to review wolf policies under President Donald Trump's September "Helping Ranchers Combat Predation" executive order [00:42, 00:49].
• Reviewing whether gray and Mexican wolves remain endangered could enable delisting and grant ranchers broader scope to protect cattle, with the 90-day review period expiring December 3 [00:49, 00:57, 01:02].
• Corn and soybean producers face challenging input procurement decisions for the 2027 crop year [01:04].
• September's Ag Economist Monthly Monitor indicates 44% of economists advise pricing a portion of fertilizer now while floating the rest, 28% advise locking in most or all this fall, and 11% suggest waiting for spring [01:10, 01:18, 01:20].

Trade ideas

None stated. No actionable trade recommendations were put forward; the update focused on RVO regulatory adjustments, livestock predation policy timelines, and economist survey data on fertilizer procurement.

Levels and data cited

• Ag Economist Monthly Monitor (September survey on 2027 fertilizer purchases):
  • 44% advise pricing a portion of fertilizer now and floating the rest
  • 28% advise locking in most or all fertilizer this fall
  • 11% advise holding cash and waiting for spring
• RIN Reallocation Volumes: 770 million RINs under consideration from 2025 SREs.