Corn futures dip as dollar hits one-week high

Corn futures tilted lower in American trade as the dollar index hit the highest since October 10, following an array of data from the US, the world's largest corn producer and exporter. 

As of 08:51 GMT, corn futures due on December 15 fell 0.14% to $3.500 from the opening of $3.505, while the dollar index rose 0.21% to 93.50 from the opening of 93.31. 

Earlier US data showed industrial production grew 0.3% in September in line with expectations, compared to a 0.7% drop in August, revised from a 0.9% fall, while the Capacity Utilization Rate rose to 76.0% from 75.8% in August, missing expectations of 76.2%. 

The US Department of Agriculture's October report on global agriculture demand and supply raised expectations for productivity per donam by 1.9 bushels to 171.8 bushels per donam, compared to expectations of 169.8 bushels, with the USDA now forecasting total production for the year ending next August at 2,340 million bushels, up from 2,335 million in September forecasts, while analysts expected 2,251 million.