# Commodities: Biofueled grain rally

> Corn and soybean prices jumped on rumors of a plan submitted to the White House by the Renewable Fuels Association and Carl Icahn to curb foreign biofuel imports and boost domestic biofuel demand. A White House denial of immediate action erased nearly half the gain by Friday, and oil and gasoline prices fell on oversupply concerns with record U.S. crude inventories.

- Date: 2017-03-03 · published 2017-03-03T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/72086-commodities-biofueled-grain-rally
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A potential mandate-driven increase in domestic biofuel demand would support soybean oil and corn prices, but the lack of immediate action limited the rally. Lower crude prices weaken the economics of biofuel blending and pressure vegetable oil values.

## Read by commodity

- SBO: bullish ▲
- WTI: bearish ▼
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-03-01 | [U.S. grains: Corn, soyoil climb on biofuels news - Grainews](https://feedsoft.ai/events/7821-u-s-grains-corn-soyoil-climb-on-biofuels-news-grainews.md) | -0.7% | -1.8% |
| CORN | 2024-09-18 | [Grain Journal \| Op-Ed: EPA’s 18-month blunder on biofuel blending…](https://feedsoft.ai/events/15184-grain-journal-op-ed-epa-s-18-month-blunder-on-biofuel-blending.md) | -1.2% | -3.1% |
| CORN | 2022-09-15 | [European bill passes to ban imports of deforestation-linked commodities](https://feedsoft.ai/events/39604-european-bill-passes-to-ban-imports-of-deforestation-linked-commodities.md) | -2.0% | -2.3% |
| CORN | 2019-08-29 | [CBOT corn futures rally amid hope for higher biofuel demand - Xinhua \| English.news.cn](https://feedsoft.ai/events/57606-cbot-corn-futures-rally-amid-hope-for-higher-biofuel-demand-xinhua-english-news.md) | -3.0% | +1.1% |
| CORN | 2019-07-05 | [Biofuel quotas get modest bump](https://feedsoft.ai/events/57961-biofuel-quotas-get-modest-bump.md) | +1.9% | -4.0% |
| SBO | 2026-05-27 | [Biofuels give boost to soybean oil futures rally \| World Grain](https://feedsoft.ai/events/19353-biofuels-give-boost-to-soybean-oil-futures-rally-world-grain.md) | +2.2% | -3.6% |
| SBO | 2019-11-02 | [Rally in palm oil is ‘red hot’ on biofuel demand - Taipei Times](https://feedsoft.ai/events/4289-rally-in-palm-oil-is-red-hot-on-biofuel-demand-taipei-times.md) | +1.5% | -3.4% |
| SBO | 2017-03-01 | [U.S. grains: Corn, soyoil climb on biofuels news - Grainews](https://feedsoft.ai/events/7821-u-s-grains-corn-soyoil-climb-on-biofuels-news-grainews.md) | -0.7% | -3.6% |

## Sources

- greenbaypressgazette.com: https://www.greenbaypressgazette.com/story/money/2017/03/03/commodities-biofueled-grain-rally/98703432/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.