Corn futures slide 1% to one-year low

Corn futures fell over one percent to the lowest since mid-November 2016, even as the dollar index plumbed the lowest since October 26, following earlier data from the US, the world's largest corn producer and exporter. 

As of 09:45 GMT, corn futures due on December 15 fell 1.39% to $3.3750 from the opening of $3.4225, while the dollar index shed 0.69% to 93.84 from the opening of 94.49. 

US producer prices rose 0.4% in October, beating expectations of 0.1%, and same as September, while core prices, excluding food and fuel prices, also rose 0.4%, same as before and passing forecasts of a 0.2% advance.

The US Department of Agriculture's report last week on global demand and supply for November raised expectations for productivity by 3.6 bushels to 175.4 bushels per donam, compared to market expectations of 172.4 bushels, with the department now expecting total corn output for the year at 14.578 billion bushels. 

The report projected total corn inventories in the agriculture year ending next August at 935 million bushels from 960 million in previous forecasts, while market analysts put the figure at 957 million bushels.