Agricultural News
RFA Says WASDE Report Shows Now is the Absolute Wrong Time to Reduce RFS
Fri, 10 Jan 2014 12:26:58 CST
Today's USDA January WASDE and Crop Production Report confirms the 2013 crop was a record-breaker, as farmers harvested 13.93 billion bushels and achieved an average yield of 159 bushels per acre. Commenting on the new report, Bob Dinneen, President and CEO of the Renewable Fuels Association, said:
"This report represents the best and worst of times. American farmers are to be congratulated for their history-making hard work and success. Sadly though, misguided decision-makers at EPA and elsewhere in the Administration are on the brink of punishing these same farmers by undermining demand. Now is absolutely the wrong time to reduce the Renewable Fuel Standard volumetric targets. Due to the expected corn surplus, corn prices have already dropped to nearly $4.00/bushel - half the price of corn in late summer 2012, below the price of corn when EISA was signed into law in 2007, and below the farmer's cost of production."
Dinneen continued, "American farmers are not the only ones who will be punished by the proposed lower RFS requirements. Small businesses and investment will be undermined. Innovation will be discouraged. And the pain will get personal as American drivers across the country are hit with increased gas prices. It doesn't have to be this way, there is still time for the Obama White House and EPA to do the right thing and restore the numbers for ethanol to their statutory levels."
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