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Governors of Louisiana, Texas, Oklahoma, Utah and Wyoming asked EPA to grant hardship waivers from the Renewable Fuel Standard as plunging fuel demand strains refiners. EPA said it is reviewing the letter, and the 43 states under stay-at-home orders account for 95% of US gasoline demand.
Waivers would cut required biofuel blending for 2020, reducing demand for corn-based ethanol and soybean oil. The request adds downside risk to corn and soyoil prices if EPA acts.
spglobal.comMeghan Gordon, Wesley SwiftApr 16, 2020After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% 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.
