Corn futures plunge over 2% after USDA data

Wheat futures fell over two percent as the dollar index rebounded for the third session away from the lowest since January 2, 2015, following earlier data from the US, the world's largest corn producer and exporter, including the US Department of Agriculture's monthly report. 

As of 07:17 GMT, corn futures due on December 15 tumbled 2.38% to $3.4900 from the opening of $3.5750, while the dollar index rose 0.06% to 91.93 from the opening of 91.87. 

Earlier US data showed JOLTS job openings rose to 6.17 million in July from 6.12M in June, besting expectations of 5.96M. 

Otherwise, the dollar index rebounded today on short-covering, while the USDA reported a rise in US corn inventories in the agriculture year of 2017/2018 to 2.335 billion bushels, compared to previous official forecasts at 2.273 billion, and market expectations at 2.18 billion. 

Similarly, the USDA report released earlier today raised corn productivity forecasts by 0.4 bushel to 169.9 bushels per donam, compared to previous forecasts of 168.2 bushels, with the department now expecting total corn production this year to amount to 14.184 billion bushels, up from 14.153 billion in the previous forecasts. 

The upgrade in productivity forecasts weighed on prices, noting that the USDA report said that grain projections for the current month don't reflect the impact of the floods and Hurricanes that hit the US recently, adding that the Department will make survey in the affected areas to include the damages in the October report.