ADM · 10-Q · 2026Q2 · Full report

Biofuels and Ethanol Demand

Archer-Daniels-Midland Co · 2026-08-04 · Importance 47 · Surprise 60

The 2026 and 2027 Renewable Volume Obligations and proposed Section 45Z regulations increased visibility into renewable fuel demand and positively affected blending economics, clean fuel credit values, and demand for certain agricultural feedstocks. These developments continued to benefit ADM’s ethanol and biofuel operations, as well as crush and grind margins, during the second quarter. Lower North American corn prices and sustained international energy prices made U.S. ethanol competitive globally. After seasonal downtime, the industry responded to market signals with high capacity utilization, while ethanol margins in North America and Vantage Corn Processors improved with policy incentives.