Corn Futures Surge to New Highs Amid Strong Ethanol Demand

Corn futures surged on Tuesday, extending their rally to new highs as prices climbed by 6 to 8 ¾ cents across most contracts. The gains followed another 187 deliveries issued against September corn overnight.

The CmdtyView national average Cash Corn price increased by 7 1/4 cents to $4.99 3/4, while the USDA's monthly Grain Crushing report showed a total of 474.7 mbu of corn used for ethanol in July, up 2.3% from last month and 3.75% larger year-over-year.

Brazil's first corn crop is estimated at 29.3 MMT, according to StoneX, which is up 0.5 MMT from their previous estimate.