RIN Values: What Do They Tell Us about the Impact of Biofuel Mandates?
The impact of the US drought on the price of corn and other feed grains and oilseeds has made the arcane subject of Renewable Identification Number (RINs) and the role of US biofuel policy of great interest this year. For example, there have been a number of recent calls to the EPA for waivers of the RFS mandates to relieve pressure on food prices for consumers and feed prices for livestock producers. In this post we review the basic economics of the ethanol market both with and without the RFS mandate, and discuss RIN valuation under both conditions. We then provide some speculation as to the support the RFS mandates are currently providing to corn prices based on recently observed RIN prices.
The Evolution of the Ethanol and the Related Markets in the U.S.
This dissertation comprises three substantial chapters that analyse the impact of the U.S. ethanol market on other related markets, specifically the corn and oil markets. 
Chapter 3 models ethanol price asymmetry changes in demand and supply. We find that both demand and supply are relatively inelastic and both asymmetric and we discuss the policy implications of such results. 
Chapter 4 approaches the issue of connectedness among ethanol production, corn prices, and oil prices, together with the direct impact that ethanol production has on corn prices. We find in our connectedness analysis for the ethanol boom period that corn's position is improved as the ethanol market matures after the introduction of ethanol-blending mandates. Furthermore, ethanol production shows a dependent position that is due to the relatively small proportion it has on the fuel market. In contrast to apriori expectations, we do not find conclusive evidence to support the claims that ethanol production impacts corn prices. 
Chapter 5 continues to analyse the potential impact of ethanol prices by addressing the interrelation of price volatilities between corn, ethanol and oil prices in the U.S. ethanol market. We find that there are no statistical significant cross effects from ethanol prices to corn prices. For the pre-ethanol boom period, we find a double-directional significant cross-spillover effect from oil to ethanol which we expect for these two markets given their link through the blending mandates. In the ethanol boom period, however, we find that the own volatility effects are statistically significant only for oil, and a small significant cross-spillover effect from corn to oil, which suggests the position of corn as an energy crop is strengthening in the fuel market.
Trade, exchange rate, and agricultural pricing policies in Thailand
Thailand is still largely an agricultural country. In 1984, agricultural work was still the main source of earnings for more than 70 percent of the population. For much of the 25 year period covered by this report, government intervention in the prices of rice, maize, and natural rubber was extensive. For these products, intervention took the form of explicit export taxes and restrictive quotas. Sugar, on the other hand, was imported until 1960. For many years prior to that, government policy was to encourage growers and thus achieve self-sufficiency. One conclusion of this study is that the Thai sugar industry would have shrunk dramatically if the government had refrained from intervention. Intervention in the prices of rice and natural rubber had the effect of penalizing farm producers by reducing their output prices. There was, as a consequence a shift of resources towards Thailand's small industrial sector. In 1981, the Thai government lifted its quota restrictions, and liberalized its trade by eliminating its intervention in the maize, rice, sugar and natural rubber markets. Unfortunately for export growers, however, the gradual elimination of intervention was overshadowed by sharp declines in the world prices of Thailand's major agricultural exports.