The Biomass Research and Development Board (Board) commissioned an economic analysis of feedstocks to produce biofuels. The Board seeks to inform investments in research and development needed to expand biofuel production. This analysis focuses on feedstocks; other interagency teams have projects underway for other parts of the biofuel sector (e.g., logistics). The analysis encompasses feedstocks for both conventional and advanced biofuels from agriculture and forestry sources. This analysis of greater use of biofuel feedstocks should not be construed in any way as an analysis of the Renewable Fuels Standard required by EISA 2007 or its impacts, nor used to pre-judge the outcome of the regulatory process. EPA is responsible for implementing this program and is currently developing a rulemaking document that will include an analysis of the environmental impacts, including on air and water quality, of the new renewable fuel standard. EPAs analytical efforts are being conducted in conjunction with the USDA and DOE. The scope of this report, key assumptions, and constraints may lead to different results than those reported in EPAs rulemaking.