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The EPA finalized the Renewable Fuel Standard volumes for 2019, holding conventional corn ethanol at 15 billion gallons and raising advanced biofuel volumes by 630 million gallons. It also set the 2020 biomass-based diesel volume 330 million gallons above the 2019 standard.
A higher biomass-based diesel mandate supports soybean oil demand for biodiesel, which is supportive for soy oil and crush margins. The corn ethanol target was unchanged, so the impact on corn is limited.
epa.govUS EPA,OANov 30, 2018After 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.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 439 past neutral policy events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.3% to +1.2%), and +1.1% 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.
