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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While there is no guarantee a House vote will happen today, the measure has officially been placed on the congressional calendar.
Trucking industry expert Lewie Pugh joins us to discuss rising diesel costs, challenges facing independent truckers, and the broader impact on agriculture and rural transportation.
Ethanol plants kept production steady, but softer gasoline demand and lower exports may limit near-term momentum.
Stronger overseas demand for both fuel ethanol and feed co-products continues to reinforce corn use beyond the domestic market.
Farm Bureau economist Dr. Faith Parum says EPA’s final biofuel volumes keep corn demand steady and strengthen the outlook for soybean-based diesel feedstocks.
