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“Sept. ’25 meal surged to a two-month high while closing above its 100-day MA also for the first time since March ’25. Spot board crush margins recovered another $.02 ½ to $1.90 ½ bu. with bean oil PV reaching a fresh two-month low at 46.7%. New crop margins slipped $.03 to $1.84 bu., Soderberg said. “The trade continues to worry over pending decisions from the EPA on small refinery exemptions and the possibility it could cut into soybean oil demand for the production of biofuels.”