Trump backs off of RFS reforms as farm states say “no way”

In Washington, Reuters reports that President Trump has backed off his proposed reform of the Renewable Fuel Standard expected for this week following pressure from farm states like Iowa who saw RIN generation from ethanol exports as a way to collapse the farm economy. As a result of the pushback that sent Trump back to the drawing board, RIN prices spiked 40% on Wednesday after crumbling over the past weeks and months in anticipation of a much different RIN market.