ADM · 10-Q · 2026Q3 · Full report

Renewable Fuel Standard Policy

Archer-Daniels-Midland Co · 2026-11-03 · Importance 37 · Surprise 42 · In source text

In February 2026, the U.S. Treasury and IRS proposed regulations for Section 45Z clean fuel production incentives. In March 2026, the U.S. Environmental Protection Agency finalized 2026 and 2027 Renewable Volume Obligations under the Renewable Fuel Standard, increasing certain renewable fuel blending requirements. ADM said these developments improved renewable fuel demand visibility and positively affected blending economics, clean fuel credit values, and demand for some agricultural feedstocks, benefiting ethanol and biofuel operations and crush and grind margins through September 30, 2026. The company cautioned that small refinery exemptions, final Section 45Z rules, future policy actions, credit values, and blending economics could create continued volatility.

Key facts

• In March 2026, the EPA finalized 2026 and 2027 Renewable Volume Obligations under the U.S. Renewable Fuel Standard, increasing certain renewable fuel blending requirements. source
• In February 2026, the U.S. Treasury and IRS proposed regulations for policy incentives under Section 45Z of the Internal Revenue Code. source
• Regulatory announcements positively impacted renewable fuel blending economics, clean fuel credit values, and demand for certain agricultural feedstocks. source
• Renewable fuel markets remain exposed to potential volatility from supplemental small-refinery-exemption rulemaking, the timing and substance of final Section 45Z regulations, future policy actions, credit-value changes, and blending-economics shifts. source
• In the three months ended September 30, 2026, renewable fuel market conditions continued to benefit ADM’s ethanol and biofuel operations and crush and grind margins. source

Impact estimates