February 9/Westchester, Ill./Reuters -- Corn Products International Inc. posted a better-than-expected quarterly profit for the second time in a row as it hiked prices to protect margins, and the company forecast full-year 2012 revenue above Wall Street expectations.
The corn refiner, which makes starches, sweeteners and food ingredients, managed to pass on higher corn cost to its customers in its latest reported quarter. Benchmark U.S. corn prices on the Chicago Board of Trade struck an all-time record near $8 a bushel in June, but are now holding steady around $6-$7.