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Farm Progress reports that EPA small refinery waivers granted since 2017 have removed demand equivalent to about 1.4 billion bushels of corn used for ethanol and 365 million gallons of biodiesel. The article says nearly 30 ethanol and biodiesel plants have closed temporarily or permanently, four of them in Iowa.
It frames the waivers as a double blow alongside trade disputes that have depressed corn and soybean prices.
Lost biofuel demand removes a large outlet for corn and soybean oil, which pressures farm prices and reduces the domestic demand that supports feed-grain and oilseed markets.
farmprogress.comRod SwobodaOct 30, 2019After 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, 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.
