EPA administrator Scott Pruitt and Senators Charles Grassley (R-Iowa), Joni Ernst (R-Iowa), and Deb Fisher (R-Neb.) met October 17 to discuss the future of the Renewable Fuels Standard (RFS), which regulates the production of biofuels.  At issue was whether the RFS might be lowered for 2018, as Administrator Pruitt suggested in recent months might be the case.  But, on October 20, EPA officials announced that the renewable fuel volumes for 2018 will be at or above what had been originally proposed, reversing the implication of statements made earlier in the year by Administrator Pruitt. Such a decision matters, because U.S. grain and oilseed prices are highly dependent.  For example, 48 percent of the 2017 corn crop is anticipated for use in producing ethanol.  The percentage of corn used for ethanol has run between 40 percent and 50 percent since the RFS was introduced in the Energy Independence and Security Act of 2007 (EISA), and it is intended to...(Read Full Post)