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The EPA reportedly granted a Renewable Fuel Standard hardship waiver to CVR Energy's Wynnewood, Oklahoma refinery, exempting it from RIN compliance and RIN purchases. The agency has granted many such waivers, though the exact number is not public.
The biofuels industry is objecting to the waivers and to the Trump administration's looser definition of small refiners and hardship.
Waivers cut the biofuel blending and RIN demand that supports soybean oil and ethanol, which is bearish for those markets. Continued waivers would weigh on biofuel-linked demand for corn and soy oil.
biofuelsdigest.comJim LaneMay 21, 2018After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
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.
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.
