Biofuel boost in Brazil helps push corn to a high

Crop competition: Soybeans being loaded on a ship in Brazil. This year’s winter corn crop was affected by delays in the planting and harvesting of soy. — Reuters

Brasilia: Brazil is turning more corn into fuel than ever before, pushing prices of the grain higher and making exports more uncertain for the world’s second-largest supplier.

Local corn prices recently hit the highest since 2022 as ethanol plants are set to process a record amount of grain this season.