According to CoinMeta, the price of U.S. soybean futures has reached a new high in nearly three years, mainly driven by expectations of increased demand for biofuels. The renewable fuel exemption policy announced by the Trump administration had a stronger impact on biofuel demand than anticipated, leading to rising prices for crops such as soybeans. On Monday, the U.S. Environmental Protection Agency (EPA) announced that 1.76 billion exemptions would be issued for the compliance year 2025, representing the largest number of exemptions issued since 2017 for the mandatory blending requirements for small refineries. This policy reduced the amount of renewable fuel that small refineries were required to produce, alleviating farmers' concerns about declining demand for crops. The EPA also decided to reallocate the difference between the expected and actual number of exemptions for 2025 to the mandatory blending requirements for 2026 and 2027, delaying the loss of biofuel demand.