EPA’s New Renewable Standard; Strong Outlook for USDA Third Quarter
The EPA has proposed new renewable volume obligations under the Renewable Fuel Standard. The President of the National Corn Growers Association, Chip Bowling, says that once again, the EPA has chosen to ignore the law by cutting the corn ethanol obligation 3.75 billion gallons from 2014 to 2016. The cut represents nearly a billion and a half bushels in lost corn demand. He says the only beneficiary of the EPA’s decision is Big Oil, which has continuously sought to undermine the development of clean, renewable fuels.
USDA has released its third quarter Outlook for U.S. Agricultural Trade - and Ag Secretary Tom Vilsack says the strong pace of American ag exports continues - with a trade surplus of more than 23-billion dollars. This fiscal year - exports are forecast to be the third-highest on record. From 2009 to 2014 U.S. ag product exports have totaled more than 770-billion dollars - representing the strongest six-years for U.S. ag trade in history.