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Biofuel advocates testified at an EPA hearing in Michigan on the proposed 2019 Renewable Volume Obligation. Groups said the numbers are good but undermined by waivers of 2.25 billion gallons granted under former Administrator Scott Pruitt.
The proposal does not address those waivers or E15 restrictions.
Uncertainty over waivers may limit how much the proposed biofuel volumes actually support corn and soybean oil demand. Market impact depends on the final rule.
agwired.comJul 18, 2018After 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.
After 196 past neutral policy events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.6% to +2.0%), and -0.5% 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.
