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EPA issued a supplemental notice of proposed rulemaking on the 2020 cellulosic, advanced and total renewable fuel volumes and the 2021 biomass-based diesel volume under the RFS. The notice does not change the proposed volumes but seeks comment on projecting 2020 small refinery exemptions using a three-year average of DOE recommendations, including partial exemptions.
Adjusting how renewable fuel percentages are calculated to account for expected small refinery exemptions would keep required biofuel blending closer to the final volumes, supporting demand for soybean oil and corn used in biofuels.
epa.govUS EPA,OARSep 12, 2019After 841 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 317 past bullish policy events, CORN moved a median -0.1% over 5 sessions (49% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 356 past bullish policy events, SOY moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% 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.
EPA's supplemental RFS notice on small refinery exemptions and 2021 biomass-based diesel volumes affects expected biodiesel demand for soybean oil, though the proposed volumes were unchanged.
