Corn futures are trading 2 to 2 3/4 cents higher on “Turnaround Tuesday”, fueled by a potential Congressional budget deal, said Brugler Marketing. They closed the Monday session with most nearby contracts 1 1/2 cents lower.
There may be an impact on ethanol prices coming. The E.P.A. said it is considering a release of its draft proposal to expand sales of higher ethanol blends of gasoline without including measures to curb biofuel credit speculation, which was promised to the oil industry, according to several sources familiar with the matter.
Exports: This morning, the USDA reported the sale of 122,376 tonnes of corn for delivery to unknown destinations.