STEO Forecast and 2023 RVOs

STEO Forecast and 2023 RVOs

The RFS renewable volume obligations (RVOs) issued by the EPA provide percentage standards applied to the initial mandated forecast at that time of release. The percentage standards translate into volumes based on the estimated consumption forecast. The actual RVOs become known over time but use the same percentage standards applied to the original mandate, which created the initial volume expectations.

Reviewing the February STEO and applying the appropriate percentage standards, 2023 gasoline consumption has fallen below the original volume estimate and has lowered the implied ethanol mandate from 15 billion gallons to 14.94 billion gallons. This is above last month’s projection of 14.90 billion gallons.

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03.01.2024

Cold, Winter Weather Impact January Soybean Crush

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**Bob Lane was out of the office today and will return on Monday, March 4, 2024.**

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Week Closes with Active Gulf Market

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Animal Proteins – Friday

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The market was quiet today with no changes. 

Looking at the monthly averages in February, the markets were mixed in terms of price direction with intra-month volatility seen. 

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