ADM Archer Daniels Midland Company

4:33 (Dow Jones) If ethanol exports are falling as many in the industry say they are, the trend is very recent. December exports hit a monthly record of 172.7M gallons, with 40% going to Brazil, the Renewable Fuels Association says. The increase contradicts industry-watchers who say a recent drop in exports have contributed to an ethanol glut. Total exports for the year hit 1.2B gallons, up from 396M in 2010. Executives for a couple ethanol companies this week forecast 2012 exports at only 500M gallons. Exports accounted for 8.6% of U.S. ethanol output in 2011, up from 3% in 2010, the RFA says. (ian.berry@dowjones.com)

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