Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211


Agricultural News

Friday Crop Production Numbers No Justification for Waiver of RFS- Renewable Fuels Association

Fri, 10 Aug 2012 08:19:32 CDT

Friday Crop Production Numbers No Justification for Waiver of RFS- Renewable Fuels Association Responding to today’s corn crop estimate of 10.8 billion bushels from the U.S. Department of Agriculture, the Renewable Fuels Association released the following statement:

“This report shows what many already knew – this drought has taken a significant toll on American farmers. The persistently hot and dry weather have stressed crops as well as livestock and as a result there is expectedly to be less of each available.

“What this report does not do is provide justification for waiving the Renewable Fuel Standard for the rest of 2012. Given the abundance of RFS credits, ample ethanol stocks, and various other flexibilities, obligated parties under the RFS will have every opportunity to demonstrate compliance this year.

“Moving forward, the market remains the best option for rationing corn demand. The market has already begun taking advantage of the RFS’ flexibility and will continue to do so into 2013. As the crop is not yet in the bin, we do not know the final harvest. Nor do we yet know how farmers around the world will respond or how American farmers will react next spring. Should unfavorable weather continue to plague American farmers and strain world supplies of grain, responsible discussions about appropriate targets for the RFS for the remainder of next year may be warranted. Until then, calls to indiscriminately waive the RFS for 2012 or 2013 remain premature.”

Yesterday, RFA Chairman and CEO of KAAPA Ethanol Chuck Woodside outlined the reasons why a waiver of the RFS isn't required. Of note, Woodside pointed out that the 2.6 billion RFS credits refiners could use to meet their obligations represents 950 million bushels of corn. This flexibility is already being put to use by the market as U.S. ethanol production has fallen 15% since the beginning of the year. These facts, together with additional market realities, make any waiver of the RFS in 2012 unnecessary. Click here to see this analysis.

After analyzing the report, the RFA will host a webinar early next week to outline the report's impact on U.S. ethanol production and the Renewable Fuel Standard. Details of the webinar will be released on Monday.

Click here for the full USDA Crop Production report released on Friday morning- showing a 13 percent decline in the corn crop compared to 2011.



WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • OK Wheat Crop 25% Harvested as Rains Cause Further Delays, Damages   Wed, 19 Jun 2019 20:00:24 CDT
  • Feeder Steers Traded Mostly Steady, Feeder Heifers Sold 1.00-2.00 Lower Wednesday at OKC West Livestock Auction  Wed, 19 Jun 2019 18:57:05 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Wednesday, Jun 19, 2019  Wed, 19 Jun 2019 16:27:47 CDT
  • Wednesday Market Wrap-Up with Justin Lewis  Wed, 19 Jun 2019 14:13:28 CDT
  • Wednesday Afternoon Market Wrap-Up with Carson Horn  Wed, 19 Jun 2019 14:08:58 CDT
  • They Won't Know Unless We Tell Them: Chuck Coffey, CBB Chairman on the Beef Checkoff's Importance  Wed, 19 Jun 2019 13:11:27 CDT
  • New Bee Better Program Promotes Symbiotic Relationship of Pollinator Ecosystems and Working Lands  Wed, 19 Jun 2019 13:05:59 CDT
  • Wheat Harvest Way Behind Schedule Though Crop Remains Mostly in Good Condition Despite Rain  Wed, 19 Jun 2019 12:27:04 CDT

  • More Headlines...


    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com

    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.