A Congressional Research Service report dated August 1, 2017 explains EPA's authority to waive Renewable Fuel Standard requirements in whole or in part. It covers the general, cellulosic and biomass-based diesel waivers and the statutory deadlines for setting annual volumes.
The report describes the existing framework rather than a new decision.
Waiver authority determines how firmly biofuel volume mandates support soybean oil and corn demand. Because it is background, it does not on its own move prices.
After 1,419 past policy events, Soybean Oil moved a median +0.1% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 1,905 past policy events, Soybeans moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% 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.