Corn futures on the Chicago Board of Trade rose on Tuesday on fund-driven buying and views that changes to the US renewable fuels policy would boost demand for corn-based ethanol, traders said. Benchmark CBOT May corn settled up 5-1/2 cents at $3.73-3/4 per bushel after reaching $3.86-1/4, its highest since February 16.
US President Donald Trump intends to revamp the national biofuel program to ease regulations on oil refiners while providing new incentives for ethanol and biodiesel production, people familiar with the plan said. The corn market pared gains following a White House statement that no executive order was in the works on ethanol.