Corn prices add nearly two percent as dollar slumps

Corn futures rose considerably in American trade as the dollar index tumbled according to their inverse relation, which follows a spate of data from the U.S., the world's largest corn producer.
 
As of 08:23 GMT, corn futures due on March 16 rose 1.81% to $365.00 a bushel from the opening price of $358.50, with an intraday high at $366.50, and a low at $358.00, while the dollar index shed 0.81% to 10.36 from the opening of 101.53.
 
Earlier data from the world's largest economy showed the Empire State manufacturing index down to 6.5 in January from 9.0, missing expectations of 8.1, before the Federal Reserve Bank of New York President William Dudley talked about consumer behavior at the National Retail Federation Convention and Expo, in New York.

Earlier in the month,  U.S. agriculture ministry released its monthly report showing the area dedicated for corn yield has reached 86.7 million acres in the period ending December 2016, a 7% rise from 2015, while the yield has risen 11% y/y to 15.1 million bushels, a rise of 6.2 bushels from the average 174.6 bushel per acre of 2015.

Also, corn stocks reached 12.4 million bushels inside farms, an increase of 11% from 2015, while there were 4.77 million bushels stored outside farms, an 8% increase from the previous year.