Corn closes higher on strong US exports

Corn prices rose on Thursday, shrugging off strong US dollar, thanks to the recovery of US exports.

This came in tandem with China's strong demand for US agricultural goods, and dry weather in Brazil.

Analysts see that the delayed harvest of agricultural crops and the damage that occurred on them in both Argentina and Brazil during 2020 must be taken into account.

The US Department of Agriculture stated that private US exporters sold 420,000 tonnes of corn to China so far during the 2020/2021 season.

South Korea announced buying around 60,000 tonnes of corn from Brazil in an international tender on Thursday.

The dollar index rose against a basket of currencies by 0.5% to 93.8 points as of 22:16 GMT, after it hit a high of 93.9 and a low of 93.3.

Corn December futures rose 1.8% to close at $4.03 a bushel, after hitting today's high at $4.04 and the low at $3.93.