{"id":117662,"date":"2025-06-04T19:01:15","date_gmt":"2025-06-04T23:01:15","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/downward-path-with-crude\/"},"modified":"2025-06-05T14:27:04","modified_gmt":"2025-06-05T18:27:04","slug":"downward-path-with-crude","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/downward-path-with-crude\/","title":{"rendered":"Downward path with crude"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a038b325369d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Downward path with crude<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Crude-Oil-Machine.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Oil Pumping Jack\" title=\"Oil Pumping Jack\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a038b325f79e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 4, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a038b32621b6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>This analysis is by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone<em>, with contributing analysis by Jason F Miner<\/em>.\u00a0<\/i><i>It appeared first on the Bloomberg Terminal.<\/i><\/p>\n<h2 class=\"p1\">A supply shock may be needed for higher corn, soy, wheat prices<\/h2>\n<p>In the absence of a poor Corn Belt growing season, there may be little to stop crude oil&#8217;s deflationary path from trickling down to the grains in 2025. Record-setting South American production and exports, particularly of soybeans, put corn in the forefront, and we see price risks leaning below $4 a bushel vs. staying above $5.<\/p>\n<h2>Downward trend: Weather, short-covering bounces<\/h2>\n<p>Corn, soybean and wheat prices appear more likely to decline than rise into year end unless there&#8217;s a Corn Belt drought. Prices may return to 2019 levels following the biggest money pump in history and Russia&#8217;s invasion of Ukraine, which seems to be the primary driving force. The overhang from that unique price-spike combination, which fueled supply elasticity, is evident in our chart showing corn&#8217;s inability to stay above $5 a bushel, with the 2019 $3.85 average as a potential gravity-pull level.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"969\" height=\"742\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Corn $5 Ceiling vs. $3.85 Gravity Pull from 2019\" title=\"Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png 969w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Corn-5-Ceiling-vs.-3.85-Gravity-Pull-from-2019.png 141w\" sizes=\"auto, (max-width: 969px) 100vw, 969px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Consensus for about 181 bushels of corn per acre vs. the five year average near 178, and roughly 95 million planted acres (about 6% above 2024), might be ambitious for 2025 production. Weather scares could test corn and soybean resistance around $5 and $11, along with some covering risk from net-short managed money positions.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a038b326614d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Stay up-to-date on top trends across commodities and be ready to pinpoint opportunities <\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for our monthly outlook<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_5488420647052210280\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a038b326c26a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Soybeans, grains could be akin to 2018, before fall<\/h2>\n<p>The overhang for soybean and grain prices may be similar to 1H18, which marked a peak until 2020. A sharp spike in futures open interest to a record has characterized 2025, like seven years ago. What&#8217;s different is the big jump in production and exports from Brazil, particularly in soybeans. The graphic shows the oilseed at about $10.60 a bushel on May 27, not far from the same date in 2018, while corn, soybeans and wheat open interest have backed down from February records. Our take is that new-long enthusiasm may have a similar outcome. In 2019, soybeans bottomed at about $7.90 a bushel due to trade issues.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"970\" height=\"765\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Grains Open Interest Record Highs- 2018 vs. 2025\" title=\"Grains-Open-Interest-Record-Highs-2018-vs.-2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png 970w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Grains-Open-Interest-Record-Highs-2018-vs.-2025.png 137w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Record soybean exports this year, at around 117 million metric tons from Brazil and Argentina, are about 50% higher than in 2018 and more than double that of the US. A lowprice cure may come near 2019&#8217;s $8.92 average.<\/p>\n<h2>Grains may follow falling crude oil in 2025<\/h2>\n<p>WTI crude oil&#8217;s inability since April to stay above 2024&#8217;s $65 a barrel low may have similar deflationary implications for the grains. Roughly unchanged in 2025 to May 27, the Bloomberg Grains Spot Subindex faces a supply overhang from South America, declining demand from China, falling crude prices and a significant increase in US plantings of the world&#8217;s most important grain &#8212; corn. Decent demand from Mexico and a weakening dollar are minor factors compared with the potential for a Corn Belt drought to support prices.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"970\" height=\"764\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Deflation Contagion Risks Elevated in the Grains\" title=\"Deflation-Contagion-Risks-Elevated-in-the-Grains\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png 970w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Deflation-Contagion-Risks-Elevated-in-the-Grains.png 137w\" sizes=\"auto, (max-width: 970px) 100vw, 970px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Our bias is with the low probability for a Corn Belt supply shock vs. the potential for another good production year, backed by the trend of superabundance in oil and liquid fuels continuing to pressure prices. Absent a drought, legislation to buttress biofuel demand or exports may help buoy the grains.<\/p>\n<h2>Crude&#8217;s deflation from inflation may trickle down<\/h2>\n<p>Crude oil is in a deflationary cycle following an inflation spike, and if the pattern since 1990 is a guide, $40 a barrel is a likely low-price cure. Staying above 2024&#8217;s nadir of $65 may be an initial sign of recovery. Rising supply excesses from the US and OPEC, along with declining demand from China, are top headwinds. However, it&#8217;s the potential for the US stock market&#8217;s downward reversion that might matter the most. Our graphic shows the stretched S&amp;P 500 vs. MSCI World Ex-US index, which may keep reverting from last year&#8217;s 2.6x peak. From 1969-2014, this ratio of US stocks vs. the world stayed below 1x.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"969\" height=\"746\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Falling Crude, Rising Supply, Stretched US Stocks\" title=\"Falling-Crude-Rising-Supply-Stretched-US-Stocks\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png 969w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Falling-Crude-Rising-Supply-Stretched-US-Stocks.png 140w\" sizes=\"auto, (max-width: 969px) 100vw, 969px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Declining oil prices vs. record-setting gold is a global recessionary trajectory and if US equity prices continue to retrace some of the past decade&#8217;s outsized gains, deflation from the inflation may dominate.<\/p>\n<h2>Unknowns expanding around downstream demand<\/h2>\n<p>US crops are mostly planted and looking strong, while China&#8217;s temporary pause on steep tariffs may improve chances that crop exports aren&#8217;t severely reduced. Scrutiny of crop chemicals was largely tabled until 2026 in an initial report from the MAHA Commission (which emphasized the importance of US farms&#8217; success). Yet a focus on ultra-processed foods could foreshadow greater disruption to grain and oilseed markets.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"968\" height=\"799\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Unknowns Expanding Around Downstream Demand\" title=\"Unknowns-Expanding-Around-Downstream-Demand\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png 968w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Unknowns-Expanding-Around-Downstream-Demand.png 131w\" sizes=\"auto, (max-width: 968px) 100vw, 968px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Downstream, the results of our GLP-1 survey are ominous for food demand, with many Americans eliminating an entire daily meal and portion sizes falling. A large volume of small refinery exemptions clouds biofuels, which await the EPA&#8217;s new volume obligations. Biofuel tax credits are part of the &#8220;big, beautiful bill&#8221; now in Congress. Yet detailed regulations remain months away.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>Terminal subscribers can access full version of this report via BI &lt;GO&gt;.<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a038b3276322'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a038b32774fc\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a038b32774fc\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data included in these materials are for illustrative purposes only. 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