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Senators Klobuchar and Grassley introduced a bill requiring USDA to reimburse biofuel producers, through the Commodity Credit Corporation, for feedstock purchases made from January 1 to March 31, 2020. The sponsors say the pandemic has cut motor fuel demand to 50-year lows and idled more than 130 biofuel plants.
Reimbursing feedstock purchases would help keep biofuel plants running, supporting demand for corn and soybean oil if the bill advances.
klobuchar.senate.govMay 21, 2020After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
