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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Farm Bureau economist John Newton says farm income has declined every quarter for three years.
Researchers say expanded E15 access may benefit corn producers but create challenges for soybean growers.
Corn ethanol demand and stronger oilseed processing continue supporting domestic markets for crop producers.
Ethanol, sorghum, dairy, and cotton provide additional export support as major commodity trade markets remain uneven.
