The Impact of the EU Biofuel Policy Reform on Agricultural and Energy Commodity Prices
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We will build a tractable partial equilibrium model that captures the most important
features of the EU biofuel, energy, and biofuel feedstock markets. We consider two
representative crops: wheat and rapeseed. Wheat is used for both human consumption
and ethanol production (where it yields DDGS as a co-product). Rapeseed is crushed
first, yielding joint products: rapeseed oil and meal. Oil is then consumed by humans
and is also used in biodiesel production; rapeseed meal is used as animal feed. Waste
oil is used for second-generation biodiesel. Because the European Union imports a lot
of biofuels and biofuel feedstocks, we allow for trade in these commodities. We
explicitly model the multiple counting toward the overall mandate for secondgeneration
biofuels produced from non-food crops.