# EPA Small Refinery Exemptions Impact Ag Markets: OSU’s Todd Hubbs on Biofuels, Wheat Basis, and Harvest Strategy - Oklahoma Farm Report

> The EPA granted 29 small refinery exemptions but paired them with a 100% reallocation of obligations onto larger refiners, shifted into the 2026 and 2027 RVOs. Soybean oil prices recovered into the low 70-cent range after the announcement. Oklahoma State crop marketing specialist Todd Hubbs also discussed HRW wheat near $8.60, wheat basis weakness and export bottlenecks.

- Date: 2026-09-04 · published 2026-09-04T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/17531-epa-small-refinery-exemptions-impact-ag-markets-osu-s-todd-hubbs-on-biofuels
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Reallocated RINs keep blending demand for vegetable oils and tallow firm, which supports soybean oil prices and the feedstock side of the oilseed complex.

## Read by commodity

- SBO: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2025-11-06 | [OSU’s Todd Hubbs Talks about how EPA is Reshaping Soybean Demand - Oklahoma Farm Report](https://feedsoft.ai/events/15074-osu-s-todd-hubbs-talks-about-how-epa-is-reshaping-soybean-demand-oklahoma-farm.md) | +1.3% | +4.5% |
| SBO | 2019-11-28 | [National Biodiesel Board urges EPA to account for small refinery exemptions - Biofuels International Magazine](https://feedsoft.ai/events/55927-national-biodiesel-board-urges-epa-to-account-for-small-refinery-exemptions.md) | -0.3% | +14.4% |
| SBO | 2019-02-04 | [Growth Energy Files Federal Lawsuit Against EPA on Small Refinery Exemptions](https://feedsoft.ai/events/60463-growth-energy-files-federal-lawsuit-against-epa-on-small-refinery-exemptions.md) | +3.3% | -0.4% |
| SBO | 2019-08-23 | [Trump Administration May Consider Reallocating Biofuels Gallons Lost to Small-Refinery Waivers](https://feedsoft.ai/events/57448-trump-administration-may-consider-reallocating-biofuels-gallons-lost-to-small.md) | -0.6% | +2.6% |
| SBO | 2020-01-01 | [Tenth Circuit Court Strikes Down EPA Small Refinery Exemptions](https://feedsoft.ai/events/54951-tenth-circuit-court-strikes-down-epa-small-refinery-exemptions.md) | -0.6% | -11.2% |

## Sources

- oklahomafarmreport.com: https://www.oklahomafarmreport.com/2026/09/04/epa-small-refinery-exemptions-impact-ag-markets-osus-todd-hubbs-on-biofuels-wheat-basis-and-harvest-strategy/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.