The Environmental Protection Agency is proposing a renewable fuel standard of 20.8 billion gallons in 2023. That will rise to 22.6 billion gallons in 2025. For advanced biofuels, EPA set the mandate at 5.8 billion gallons for 2023, 6.6 billion gallons for 2024 and 7.4 billion gallons for 2025. The market was anticipating a much larger increase. The announcement was bearish for soybean oil with prices dropping over six percent in one day.
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