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The EPA's July 5 proposal sets 2018 total renewable fuel at 19.24 billion gallons, down 40 million from 2017, with advanced biofuel and cellulosic volumes also reduced. Biomass-based diesel is held at 2.1 billion gallons for 2018 and 2019, while 15 billion gallons of conventional corn ethanol is left unchanged.
Holding biomass-based diesel flat and trimming advanced volumes limits incremental soybean oil feedstock demand, while unchanged conventional ethanol keeps corn grind demand steady.
fb.orgJohn Newton, Ph.D.Jul 6, 2017After 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.
After 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.
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.
