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Congressional leaders introduced a bipartisan bill that would convert the biodiesel blender's credit into a $1-per-gallon production credit for three years. It adds a 10-cent-per-gallon credit for small producers.
The previous credit expired at the end of 2016.
A production credit of $1 per gallon would encourage domestic biodiesel output and soybean oil crush, supporting soy oil prices. Import competition from Argentina and Indonesia would be reduced.
world-grain.comSusan ReidyApr 27, 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.
