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The EPA will proceed with its plan to account for waived biofuel volumes using a three-year rolling average of DOE-recommended small refinery exemptions. The final rule also keeps the 15 billion gallon conventional biofuel requirement, and ethanol and biofuel groups criticized the decision.
The mandate supports corn-based ethanol demand, but the accounting method leaves less biodiesel demand than the industry expected. This keeps soybean oil under pressure and adds uncertainty for future exemptions.
agri-pulse.comSpencer ChaseDec 19, 2019After 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 351 past bearish policy events, Soybean Oil 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.
