EPA published data showing it issued 29 small refinery waivers for 2017, up from 19 for 2016 and 7 for 2015. The exempted gallons for 2017 totaled 13.62 billion, nearly double the 7.8 billion for 2016.
EPA is still considering five 2017 requests and has received 11 requests for 2018.
Large exempted volumes reduce required ethanol and biodiesel blending, cutting demand for corn and soybean oil. Pending 2018 requests suggest this pressure could continue.
After 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.