The chicago stock market's traded corn prices fell yesterday, 1st after the United States government proposed lower-than-expected biofuel blending requirements.

As reported by Reuters, the most active corn contract fell $6.5 cents to $6.605 a bushel.

The U.S. Environmental Protection Agency (EPA) has proposed smaller increases than traders expected in the amount of ethanol and other biofuels that oil refineries are expected to mix in their fuels over the next three years.

Under the plan, announced by the Environmental Protection Agency, oil refineries will be required to add 78.812 billion liters of biofuels to their fuel by 2023, 82.78 billion liters in 2024 and 85.85 billion liters in 2025.

In each of those years, volumes of conventional biofuels, such as corn-based ethanol, will be set at 56.78 billion liters or more – specifically 56.7812 billion in 2023 and 57.72 billion liters each in 2024 and 2025, the sources said.

Source: RPA news