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Corn surges on strong ethanol demand

12/17/2010 @ 1:39pm

Strong demand for corn-based ethanol underpins gains in US corn futures, traders say. Congress sent a tax bill to President Obama that includes an extension of a credit for refiners who blend ethanol into gasoline.

Weekly ethanol production has already been large, encouraging forecasts for increased total use for corn. Informa's reduced estimate for 2011 US corn plantings adds support, an analyst says. CBOT March corn trades up 9c to $5.96 1/2 a bushel.

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(END) Dow Jones Newswires
December 17, 2010 13:12 ET (18:12 GMT)
Copyright (c) 2010 Dow Jones Company, Inc

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