According to the latest World Agricultural Supply and Demand Estimates (WASDE) report published by USDA July 12, 2018, World Agricultural Supply and Demand Estimates (WASDE)current marketing year (2017/18) corn ending stocks are estimated down 75 million bushels to 2.027 billion bushels. This reflects higher forecasts for corn exports and food, seed and industrial (FSI) use. Corn exports now are forecast at 2.4 billion bushels, up 100 million bushels from the previous month. Both record high shipments and outstanding sales support the new higher forecast for corn exports.
In June 2018, the Environmental Protection Agency (EPA) published its proposed rule for the 2019 renewable volume obligations (RVOs) for cellulosic biofuel, advanced biofuel, and total renewable fuel under the Renewable Fuel Standard (RFS). This also contained the EPA proposed rule for biomass-based diesel (BBD) volume standards for calendar year 2020. The EPA is required by law to issue a final rule setting the 2019 RVOs by November 30.
The U.S. Environmental Protection Agency (EPA) used its power to exempt some smaller refineries from the biofuel blending requirements in 2016 and 2017. Economic impact analysis of those EPA small refiner exemptions, published by the Renewable Fuel Association, can be found here.
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