Corn futures closed higher on Tuesday, with March 26 Corn settling at $4.28 1/2, up 2 3/4 cents, and nearby cash prices reaching $3.94 1/4, a gain of 2 1/2 cents. The CmdtyView national average Cash Corn price also increased by 2 1/2 cents.
The National Agricultural Statistics Service (NASS) reported that December corn usage for ethanol reached a record high of 488.26 million bushels, reflecting a 5.1% increase compared to the previous month. For the current marketing year, total corn used in ethanol production is at 1.863 billion bushels, up 1.1 million bushels from last year. Additionally, a South Korean importer procured 134,000 metric tons of corn in a recent tender.
EIA data expected to be released on Wednesday suggests a likely decrease in ethanol output for the week ending January 30.
