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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Support policies that keep U.S. biofuels at the table—marine demand could materially lift corn grind, crush margins, and rural jobs.
China is not one of our top suppliers of cooking oil, according to USDA ERS data, but does export a lot of used cooking oil to the U.S. for biofuel production.
Treat storage as risk management and logistics, and budget to break even since export growth is unlikely to absorb bigger U.S. corn and soybean crops.
Expect a steady corn grind and selective basis strength where exports and local blending stay active.
American Coalition for Ethanol’s Ron Lamberty shares the significance of California’s approval, opening up the country’s largest gasoline market to a cleaner-burning, often lower-cost fuel option.
Gov. Gavin Newsom has until October 12 to sign a bill passed by the California state legislature allowing E15 sales.
