Why it’s on the map
Canada is the top US ethanol buyer and ethanol is EXCLUDED from Canada's list — main risk removed; Q2 raised guide on biofuel margins.
Government money & contracts
USDA programs.
Customers & commercial
Global.
Catalysts
Biofuel policy.
Risk
Second-tranche retaliation could add ethanol.
Tariff durability
Spared this round.