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Senators Grassley and Cantwell, with 14 cosponsors, introduced the American Renewable Fuel and Job Creation Act of 2017. The bill would shift the biodiesel tax credit from blenders to domestic producers and extend it for three years.
Biofuel imports rose from 510 million gallons in 2014 to about one billion gallons in 2016.
Limiting the credit to domestic output would reduce imported biodiesel and favor U.S. soybean oil use. The shift would support soy oil demand if the bill passes.
grassley.senate.govApr 26, 2017After 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.
After 400 past bearish policy events, Palm Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.3% to +1.1%), 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.
