Corn futures rise over one percent as dollar falls off one-month high

Corn futures rose over one percent in American trade after the dollar index fell off its highest level since January 12, according to their inverse relation, which follows a spate of data from the U.S., the world's largest corn producer and exporter.
 
As of 08:04 GMT, corn futures due on March 16 rose 1.14% to $378.50 a bushel from the opening price of $374.25, with an intraday high at $379.00, and a low at $371.75, while the dollar index shed 0.07% to 101.18 from the opening of 101.32.
 
Earlier U.S. data showed consumer prices up 0.6% in January, compared to expectations and December's reading of a 0.3% rise.
 
Core prices rose 0.3%, up from 0.2% in the previous reading, while analysts expected also a 0.2% rise.

On a yearly basis, consumer prices rose 2.5%, up from 2.1% in December, and besting expectations of 2.4%, while core prices rose 2.3% y/y, up from 2.2%, and above forecasts of 2.1%.

On the same note, retail sales rose 0.4% m/m in January, beating expectations of a 0.1% rise, and compared to December's 1.0% rise, revised upwards from 0.6%.
 
Core retail sales on the other hand rose 0.8%, besting expectations of a 0.4% rise, while December's reading was revised upwards to 0.4% from 0.2%.
 
Additionally, the Empire State manufacturing index rose to 18.7 in February from 6.5, beating expectations of 7.2, while industrial production fell 0.3% in January after rising 0.6% in the previous reading, revised lower form 0.8%, while analysts expected a 0.1% rise.

The Capacity Utilization Rate fell as well to 75.3% from 75.6%, while analysts expected no change.

Fed Chair Janet Yellen presented the second part of her testimony ahead of Congress today, after warning from delaying rate-hike decisions as inflation climbs.

Other data showed business inventories up 0.4% in December, adding to November's 0.8% rise, while analysts expected a 0.5% rise, while the NAHB Housing Market Index fell to 65 from 67 in January, missing expectations of 68.

Finally, the Energy Information Administration released its report on U.S. crude stocks, showing a rise of 9.5 million barrels in the week ending February 10, passing expectations of a 3.7M rise, and adding to the previous reading's 13.8M rise.