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The National Biodiesel Board sent a letter to EPA Administrator Andrew Wheeler arguing that retroactive small refinery exemptions under the Renewable Fuel Standard have damaged demand for biodiesel and renewable diesel. The letter rejects the claim that year-round E15 approval offsets that damage.
NBB cited University of Illinois economist Scott Irwin's estimate of 2.45 billion gallons of lost demand and a $7.7 billion industry loss.
Lost biodiesel demand reduces soybean oil use in fuel, which is bearish for soybean oil and the crush margin that supports soybean meal supply.
fuelsmarketnews.comAbout The AuthorJun 27, 2019After 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.
