Corn Prices Rise Despite Record Harvest Forecast

By Myah Garza

Corn prices are moving higher even as the USDA projects a record harvest of nearly 17 billion bushels this fall.

Geoff Cooper, president and CEO of the Renewable Fuels Association (RFA), said ethanol demand is a key driver. “Ethanol is helping to keep a floor under corn prices right now,” Cooper said. “We’re on pace to make a record amount of ethanol this year, which means we’re going to use a record amount of corn—about 5.6 or 5.7 billion bushels.”