Corn futures slump 3% ahead of the weekend

Corn futures tumbled three percent in American trade even as the dollar index slid to the lowest since June 24, 2016, amid a lack of data from the US, the world's largest corn producer and exporter. 

As of 07:14 GMT, corn futures due on September 15 fell 2.88% to $3.7975 from the opening of $3.9050, while the dollar index declined 0.27% to 94.05 from the opening of 94.31, marking a 13-month nadir. 

Corn's plunge comes amid rainy US weather and relative improvement in conditions, which boost the grain harvest, especially corn, and in turn bashing prices lower. 

Similarly, the US Department of Agriculture's report for the week ending July 13 showed a surge in corn sales in the marketing year of 2016-2017 to 466.5 metric tonnes, up 63% from the last four-week average.