
The National Biodiesel Board criticized EPA's proposed 2020 RFS and 2021 biomass-based diesel volumes at a Michigan hearing. It said EPA's calculation ignores about 28 billion gallons of small refinery exemptions for 2015 to 2017.
Flat volumes and unaccounted exemptions shrink expected biodiesel demand, which is bearish for soybean oil and related soybean demand.
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.
After 369 past bearish policy events, Soybeans moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% 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.