This particular kind of corn mold is known as Gibberella Ear Rot (or Red Ear Rot). It’s caused by the fungus Gibberella zeae. … It’s specifically identified by the reddish-pink kernels toward the top of an ear of corn. The kernels themselves will usually also be soft, mushy or shriveled.
When corn kernels production on plants is low, the plant can’t use all the sugar it has produced by photosynthesis. And when there is too much sugar in the plant, the sugar turns the plant red to purplish-red.
Red corn is exceptionally sweet and nutty in flavor and that flavor is brought out by cooking. Its texture is semi firm and the kernels juicy when young. It is very important to harvest Red corn at the proper stage of maturity