“Prices were sharply mixed with beans down $.25-$.27. July-25 beans bottomed out at its 100-day MA support. The first 9 contracts of bean oil were locked limit down. Spreads would suggest spot July-25 was down another 80-90 points. Meal was $4-$5 higher. Comments from EPA Administrator Lee Zeldin that a legislative decision on biofuel tax credits and blending mandates could take months sent prices falling overnight. Unconfirmed rumors the volume recommendation may fall well short market expectations sent futures down the daily limit. The recent price jump in bean oil was largely driven by speculation the Trump administration would quickly approve legislation on tax credits and blending volumes. Current production capacity for biodiesel and RD is just over 6.5 bil. gallons annually with proposed mandates well short of this level,” wrote Mark Soderberg with ADM Investor Services.