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On October 4, 2019, the EPA and USDA announced an agreement with the White House on the Renewable Fuel Standard. It commits the agencies to a supplemental proposal that adjusts how the 2020 renewable volume standards and 2021 biomass-based diesel volume are calculated, including how small refinery exemptions are projected.
The agencies said the deal supports domestic ethanol and biodiesel output.
The deal is intended to restore biofuel demand that small refinery waivers had reduced, which supports corn grind for ethanol and soybean oil use in biodiesel and therefore underpins prices for those crops.
epa.govUS EPA,OAOct 4, 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 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.
