After a day of volatile grain trading based on news stories, the White House late Tuesday denied that there was an executive order in the works to change the Renewable Fuel Standard (RFS).

Wednesday, Sen. Chuck Grassley (R-IA) made inquiries about the matter and issued a statement. “Based on conversations my staff and I had, there’s no reason to believe that such an executive order is pending or imminent,” said Grassley. “As I’ve said before, keeping the point of obligation where it is now, with refiners and importers, has worked and makes sense. Moving the point of obligation from a handful of refiners to hundreds or thousands of small fuel retailers would undermine the integrity and viability of this successful program.”

The industry uproar had an impact on grain trade Tuesday and on the market for Renewable Identification Numbers (RINs) which would be affected by a change in the point of obligation.