DTN Closing Grain Comments    06/13 14:04
   Biodiesel Feedstock Prices Surge on New EPA Mandates, Middle East Energy
Rally

   Despite it being Friday the 13th, good fortune came to ag markets to close
the week as the EPA at long last rolled out their proposed renewable volume
obligations (RVO) after months of speculation and rumors which had created
quite the roller coaster out of the soybean oil market. The proposed blending
and RIN requirements for 2026 and 2027 came in above the industry
recommendations from earlier in 2025. On the news, soybean oil futures launched
to the daily limit, with soybean futures swiftly pulled along for the ride.
Meanwhile, wheat futures posted a strong price correction following a sluggish
week for winter varieties. In outside markets, crude oil futures have
officially recovered the losses stemming from the initial reciprocal tariff
announcements on April 2, with the July NYMEX contract trading to the highest
price of 2025 thus far before prices fell well off their daily highs later
Friday following reports that Iran's oil infrastructure was not harmed in
Israel's attack on Thursday. Stock indices were under pressure for the majority
of Friday's trading session, while gold futures are pressing higher and back
toward all-time highs amid the geopolitical unease.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   July corn closed up 6 cents and December corn was up 2 1/2 cents. July
soybeans closed up 27 1/2 cents and November soybeans were up 27 1/2 cents.
July KC wheat closed up 18 cents, July Chicago wheat was up 17 1/4 cents, July
MIAX Minneapolis wheat was up 13 1/2 cents.