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Biden administration studying whether biofuel waiver could ease food inflation -sources

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March 3 (Reuters) - U.S. President Joe Biden's administration is studying whether waiving the nation’s biofuel blending mandates could help stabilize surging prices for key food ingredients like corn and soy oil, which have surged since Russia’s invasion of Ukraine, according to two sources familiar with the matter.

The nation’s biofuel policy, the Renewable Fuel Standard, requires U.S. oil refiners to blend billions of gallons of corn-based ethanol, soy-based diesel, and other biofuels into the nation’s fuel each year or purchase credits from those that do, a law intended to help farmers and ease energy imports.

But prices of corn, soy and wheat have been on the rise since last year and are expected to keep climbing due to the impacts of the Russian invasion of Ukraine, a major grains producer, raising worries at the White House of debilitating consumer food inflation. (Reporting by Jarrett Renshaw; writing by Richard Valdmanis; editing by Jonathan Oatis)