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“The EPA is scheduled to make a ruling on small refinery exemptions for quotas for 2025. A reduction in refinery exemptions may signal a reduction in the blending quotas established earlier in the year. Reduced quotas could limit biofuel demand, impacting ethanol used,” Heinberg said. “Friday’s Commitment of Traders report showed managed hedge funds net long 376,500 corn contracts. This position is a record net long for this time of the year and challenging the record net long established in 2021."