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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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.
