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US biofuel policy updates have raised ethanol margins but have not supported the DDGS market, according to sources. The EPA proposal sets 2026 and 2027 volumes at 24.02 and 24.46 billion gallons, up from 22.33 billion in 2025, with much of the increase in biomass-based diesel.
Market participants remain cautious that higher ethanol output will add pressure to DDGS values already weighed by weak feed demand and limited exports.
Higher ethanol output means more DDGS supply into a market with soft feed demand, which points to weaker DDGS prices for feed buyers. Stronger ethanol margins support corn demand from crushers, but the co-product effect dominates for DDGS.
spglobal.com2025年6月20日历史可比事件尚不足，暂无法给出历史解读。
在过去 318 次看涨的政策事件之后，玉米 在 5 个交易日内中位数变动 -0.1%（48% 上涨；中间一半区间为 -1.4% 至 +1.5%），20 个交易日内为 -0.2%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件；仅描述已发生的情况，不代表未来走势。不构成投资建议。
