Soy Futures Hit 20-Month High as US Biofuel Decision Nears

Soybean futures hit their highest point in 20 months on Thursday, ahead of the expected submission of biofuel blending quotas by the US Environmental Protection Agency.

The latest set of quotas, known as Renewable Volume Obligations, is expected to be handed imminently to the White House budget office for review, the EPA’s assistant administrator, Aaron Szabo, told a conference on Wednesday. The move will take the US agricultural sector a step closer to ending months of uncertainty over demand.