Corn prices are racing higher, with $7 futures now a reality. And strong demand is helping the price spike, which includes China’s growing demand for ethanol, reports AgWeb.
New data shows U.S. ethanol exports hit 133 million gallons in March, the second-largest total on record. It’s also a 31% increase from February.
The Renewable Fuels Association (RFA) says China’s buying increased to 48.3 million gallons in March, which is the second largest monthly export total ever on record, just missing the high set in April 2016. U.S. ethanol also saw increased interest from Canada, with shipments up by 85%, marking a four-month high.
