
A federal bankruptcy court in Delaware approved a settlement under which DOJ and EPA relieved Philadelphia Energy Solutions of some biofuel quota obligations from 2016 through Q1 2018. The relief is intended to keep PES's two refineries running.
PES had filed for Chapter 11 in January.
Quota relief for a large refiner reduces biofuel blending obligations and therefore biofuel feedstock demand. The impact is contained to one company but adds to the pattern of waivers reducing RFS volumes.
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.