As farmers work to make up any lost revenue, they are looking to the EPA and the President’s past support of biofuels.
The American Soybean Association says if a higher renewable volume obligation is not secured soon, there could be a surplus of soybeans in the coming years. Sales of U.S. beans to overseas buyers have fallen nearly 80 percent below the five-year average in recent weeks.
In a statement to Bloomberg, the EPA says they have already sent proposals to the White House and are just waiting for approval.
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The American Soybean Association warns proposed refinery exemptions could reduce biofuel demand and cut U.S. soybean crop value by more than $1 billion.
Texas A&M researchers are studying whether prickly pear could offer drought-prone regions a new crop opportunity, but commercial markets and processing infrastructure still need development.
Stronger renewable diesel incentives could support demand for soybean oil and other domestic feedstocks.
Geoff Cooper says the EPA action could provide more options for refiners and blenders.
