There is a lot of discussion about the possibility of a Renewable Fuel Standard (RFS) waiver this summer should, say, the August WASDE, come out with a significant deterioration of the corn crop. And, on a parallel track, there is a lot of talk about what impact such a waiver might have.According to Professor Bruce Babcock with the Center for Agriculture and Rural Development (CARD) at Iowa State University, a total waiver of the RFS would reduce corn prices by 28 cents per bushel and cause less than a 5 percent reduction in ethanol production.Meanwhile, Smithfield CEO Larry Pope in an op-ed for The Wall Street Journal writes that the RFS is worse than the drought: The RFS has diverted so much corn as a questionable substitute for gasoli...