
Iowa Governor Kim Reynolds and Lt. Governor Adam Gregg urged EPA to set the 2019 biodiesel volume at 2.75 billion gallons and keep strong corn ethanol levels.
Reynolds said the US consumed 2.8 billion gallons of biodiesel in 2016. Iowa Renewable Fuels Association director Monte Shaw also testified in Washington.
Political pressure from a major corn and soybean state can influence EPA's final volume decision. A higher biodiesel mandate would support soybean oil, while corn ethanol levels support corn demand.
After 318 past bullish policy events, Corn moved a median -0.1% over 5 sessions (48% higher; middle half -1.4% to +1.5%), and -0.2% over 20.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), 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.